Canadian aluminum producer Alcan Inc. said Tuesday it is acquiring 76 percent of the shares of Alukbond India Private Ltd. to expand and localize production of its aluminum composite materials brand.
The deal comes after a slew of recent activity surrounding Alcan's rejection of a $27.4 billion hostile cash-and-stock takeover bid from U.S. rival Alcoa Inc. Alcan said recently it would consider turning the tables and trying to buy Alcoa. Alcan is also reportedly in talks with other companies.
Alukbond India Private Ltd., which is currently owned by Navin Keswani, will be renamed Alcan Composites India Private Ltd.
Alcan said the acquisition will allow it to expand production of its Alucobond brand and extend its reach in the Indian building and retail construction markets.
Financial terms were not disclosed.
Keswani will continue on with the company as a member of the board of directors, and as a consultant. He will also retain a minority stake in the company.
Alukbond India Private Ltd., headquartered in Mumbai, had 2006 revenues of under $5 million.
Alcan posted revenues of $23.6 billion in 2006.
Shares of Alcan rose 3 cents to $85.13 in midday trading.
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