February 1: The owner of Hindalco Industries, India’s leading aluminium producer, refused today to confirm that it is interested in acquiring Novelis, the troubled aluminium rolled-products manufacturer that last week announced that it was looking into a possible sale of the company.
Atlanta-based world-leading aluminum canstock producer Novelis said that following strong activity with its stocks it was “in discussions with various parties that could lead to a potential sale”.
Hindalco was reported in the Indian press as being in the front line of possible buyers for Novelis, which since its spin off from Alcan two years ago has been struggling to run its rolled-products business while trying unsuccessfully to pass through rising aluminium prices to customers.
Speaking this morning the spokeswoman for Aditya Birla Management Corporation, which owns Hindalco, denied any interest.
