Hindalco evaluating Alcan's stake in Utkal Alumina

New Delhi, Apr 17: Hindalco Industries, part of the diversified Aditya Birla Group, today said it is evaluating the acquisition of Montreal-based Alcan's 45 per cent stake in Utkal Alumina.

''Alcan has notified its desire to commence the sole process. In terms of the shareholders' agreement between the company and Alcan, the company has pre-emptive purchase rights over Alcan's shareholding,'' it informed the stock exchanges.

It added that the company is yet to evaluate the terms and conditions and make recommendations to the board.

Hindalco holds the remaining 55 per cent equity in Utkal Alumina.

The statement supports Alcan Inc's statement issued last week that it has initiated steps to sell its interest in Utkal Alumina International Ltd, which was formed as a joint venture for development of a new bauxite mine and alumina refinery in Orissa.

UNI