Alcan Sells Stake in Joint Venture

Montreal-based aluminum producer Alcan Inc. said Wednesday it finalized an agreement to sell its interest in a bauxite mining and alumina refinery joint venture to India's Hindalco Industries Ltd. Financial terms were not disclosed. Alcan is selling its 45 percent stake in Utkal Alumina International Ltd., a joint venture involving the development of a new bauxite mine and alumina refinery in the Indian state of Orissa. Hindalco, part of the Aditya Birla Group, already holds the remaining 55 percent interest in the project. Alcan, which expects the sale to close during the third quarter of 2007, will continue as technology supplier to the Utkal project and other Hindalco projects. The Canadian company announced its intention to sell its interest in Utkal in April. Alcan shares closed Tuesday at $96.61.