Hindalco to acquire Alcan stake in Utkal Alumina

New Delhi, July 19: Hindalco Industries Ltd today announced that it has acquired the stakes held by Alcan Inc Canada (Alcan) in the Utkal Alumina Project in Orissa.

The agreement was reached with Alcan to acquire its participating interest in the Utkal Project with the transaction set for closing in the next 30 days, said a press release.

The conclusion of the transaction marks the complete exit of Alcan from the Utkal project with Hindalco becoming the 100 per cent owner, of the Utkal project.

Alcan, however, has ongoing contracts with Novelis and is also the technology provider to the Utkal alumina project and some other alumina projects of the Hindalco.

The company did not give any financial details of the deal.

UNI