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Our Bureau

Plans to sell its 45% stake in Utkal Alumina International

Mumbai June 5 Alcan Inc has acquired 76 per cent equity in the Mumbai-based Alukbond India Pvt Ltd from its promoter Mr Navin Keswani for an undisclosed amount.

Alukbond India, which has now rechristened as Alcan Composites India Pvt Ltd, manufactures Aluk brand of aluminium composite panels. Mr Keswani will continue to hold the 26 per cent stake in the company.

Mr Georg Reif, President, Alcan Composites, said this investment would be the springboard for Alcan's future investments in India.

More acquisitions are expected in the next 2-3 years, he said. The company official declined to comment on unconfirmed reports that Alcan is joining hands with Sterlite to bid for the Aditya Birla group company Hindalco.

Alcan at present has a raw material sourcing arm Alcan International Network.

Mr Reif said the tie-up enables Alcan to better serve its customers in the fast growing architectural facades market in India with ALUCOBOND(R), leading brand of aluminium composite materials. Alukbond India Pvt Ltd has a turnover of Rs 20 crore, which Alcan Composite proposes to increase to Rs 90 crore in a year and Rs 160 crore by financial year 2008.

Quits Utkal project

Alcan has also announced its intention to sell its 45 per cent interest in India's Utkal Alumina International Ltd (Utkal).

The joint venture, established in 1992, involved development of a new bauxite mine and alumina refinery in Orissa.

Alcan has already taken initial steps leading to the sale process and expects completion during the second quarter of 2007.

"We have carefully weighed the opportunity and risk presented by the Utkal Project and, given constrains within the governance structure that limit Alcan's ability to participate in key decisions, believe that we have acted in the best interest of all our stakeholder," said Jacynthe Cote, President and CEO, Alcan Bauxite and Alumnia.

More Stories on : Aluminium | Mergers & Acquisitions

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