Jul 20 2007
Alcan announced today an agreement with Hindalco Industries Limited, India (Hindalco) for the sale of its 45% interest in Utkal Alumina International Limited (Utkal). 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 (Utkal Project). Alcan expects completion during the third quarter of 2007. Terms of the transaction were not disclosed.
"Alcan is pleased to have reached this agreement with Hindalco regarding the sale of its participating interest in Utkal," said Jacynthe Côté, President and CEO of Alcan Bauxite and Alumina. "The Company values its long-standing partnership with Hindalco, with whom it remains associated as technology supplier to the Utkal Project and other Hindalco projects," Côté continued. "Alcan will continue to focus on growing and executing its pipeline of projects in bauxite-rich regions while leveraging its world-leading alumina refining technology," she concluded.
Alcan had announced its intention to sell its interest in Utkal on April 12, 2007.
Hindalco, part of the Aditya Birla Group, holds the remaining 55% interest in Utkal.