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Wednesday, October 21, 2009

Hindalco may dispose off its alloy wheels assets

Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group, has put its alloy wheel assets on sale and is seeking expression of interest from prospective suitors, as reported. The channel also stated that Hindalco, which has an alloy wheel business based out of Silvassa and that rolls out nearly roughly around 300,000 alloy wheels for car makers like Maruti, Ford

Honda Siel, etc, have also put its plant and machinery on sale but have excluded land on which the entire plant is based. Though no official comment could be elicited from the company officials CNBC claims that Hindalco is seeking value for the entire assets, which includes the Aura brand, available in the aftermarket segment. It is widely believed that the company is resorting to such a strategy in its endeavour to exit from its non-core business.

A metals powerhouse with a consolidated turnover of Rs. 600,128 million (US$ 15 billion), Hindalco is the world's largest aluminums rolling company and one of the biggest producers of primary aluminum in Asia. Its copper smelter is the world's largest custom smelter at a single location.

Established in 1958, Hindalco commissioned its aluminum facility at Renukoot in Eastern U.P. in 1962. Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia, strengthened the company's position in value-added alumina, aluminum and copper products, with vertical integration through access to captive copper concentrates.

In 2007, the acquisition of Novelis Inc. a world leader in aluminum rolling and can recycling, marked a significant milestone in the history of the aluminium industry in India. With Novelis under its fold Hindalco ranks among the global top five aluminium majors, as an integrated producer with low-cost alumina and aluminium facilities combined with high-end rolling capabilities and a global footprint in 12 countries outside India.

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