Hindalco's subsidiary Novelis completes $2.8 bn acquisition of Aleris

The deal, which closed at an enterprise value of $2.8 bn, positioned Hindalco as one of the world's largest aluminium companies, with a global footprint across 49 manufacturing facilities

Aditya Birla Group metals flagship, Hindalco Industries, on Tuesday announced the completion of Aleris acquisition by its wholly-owned subsidiary Novelis Inc. The deal, which closed at an enterprise value of $2.8 billion, positioned Hindalco as one of the world’s largest aluminium companies, with a global footprint across 49 manufacturing facilities in North America, Europe and Asia.

Commenting on the development, Kumar Mangalam Birla, chairman, Aditya Birla Group, said, “The Aleris deal marks a major milestone for Hindalco and Novelis, on their path to global leadership. The closure of this deal amidst challenging market conditions, reflects our conviction in the Aleris