Hindalco finalized Arrangements to acquire Bauxite Mines and Alumina Refirnery from Novelis
Hindalco Industries finalized the arrangements of acquiring the alumina refinery and bauxite mines from Novelis Do Brasil on 18 Jan. 2013.
The metals flagship of Aditya Birla Group, Hindalco Industries on 18 January 2013 announced that as a part of its corporate reorganization plan, it has finalized arrangements with Novelis Do Brasil, its wholly owned subsidiary Novelis for acquiring the bauxite mines and alumina refinery in Brazil.
Execution of the agreement was done between Novelis Do Brasil, Novelis and AV Minerals – the wholly owned subsidiaries of Hindalco Industries.
The 145 KTPA, alumina refinery is located in Ouro Preto, State of Minas Gerias, Brazil and have a right of carrying on mining activities over 50 million tonnes of bauxite reserves. The alumina assets of the Novelis Do Brasil would be transferred to the new company being developed in Brazil and the shares of the company would be acquired by the MV Minerals.