India Hindalco lenders relax bank loan terms

MUMBAI, July 2 (Reuters) - Hindalco Industries (HALC.BO), India's top aluminium producer, said on Thursday its lenders have agreed to relax convenants for a $982 million bank loan. The company had taken the loan in November last year to clear the bridge loan for its 2007 acquisition of Canadian firm Novelis. The new terms allow the company "significant flexibility to plan its future business and pursue its capital expenditure aspirations going forward," it said in a statement.