Utkal Alumina becomes 100% subsidiary of Hindalco

In July, Canadian aluminium major Alcan had decided to sell its entire stake in the Utkal alumina project in Orissa to joint venture partner Hindalco Hindalco Industries Ltd. said on Monday that Utkal Alumina International Ltd. has become its 100% subsidiary after the acquisition of the entire shareholding of Alcan Inc., comprising 78,564,384 shares, in the Joint Venture. It may be recalled that on July 18, Hindalco had announced that Canadian aluminium major Alcan had decided to sell its participating interest in the Utkal Alumina project in Orissa. The conclusion of the transaction marks the complete exit of Alcan from the Utkal project. Alcan will have no surviving rights or obligations, as Hindalco becomes the 100% owner of the Utkal JV. Hindalco and Alcan will continue to have a cordial business association given that Alcan has ongoing contracts with Novelis, which Hindalco acquired earlier in the year. It is also the technology provider to the Utkal alumina project and some other alumina projects of Hindalco.