Alcan Inc, fighting a takeover bid by Alcoa Inc, said it plans to buy companies in India to gain from rising demand for aluminum in South Asia's largest economy.
Alcan today agreed to buy 76 per cent of Alukbond India Pvt. for an undisclosed amount to make and sell its Alucobond brand of architectural facades in the country.
"You will be hearing about more acquisitions in the next two to three years," said Steve Henning, director of strategy at Alcan Composites in Mumbai today. He didn't give details.
The world's second-fastest pace of economic expansion has raised demand for metals including aluminum from construction companies and carmakers. Alukbond gives Alcan an entry into the country's 3 billion rupee ($74 million) market for architectural facades made from aluminum that's growing 15 percent annually, according to Henning.
Henning declined to comment on a May 30 report in India's Hindustan Times newspaper that copper-maker Sterlite Industries Ltd., through its parent Vedanta Resources Ltd., may partner Rio Tinto Group. to bid for Alcan after the Montreal-based company rejected a $27.8 billion hostile bid from rival Alcoa Inc.
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