Alcan, Hindalco In Pact For Sale Of Utkal Stake

Alcan has entered into an agreement with Hindalco Industries India for the sale of Alcan’s 45% interest in Utkal Alumina International. Terms of the transaction weren’t disclosed. The Utkal joint venture was established in 1992 and involves the development of a new bauxite mine and alumina refinery in the Indian state of Orissa. Alcan, a Montreal materials company, expects completion of the deal to occur during the third quarter of 2007.