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No official intimation from EU on Novelis-Aleris deal approval: Birla

Hindalco cuts FY20 India capex to Rs 2,000 crore on weak LME price trend

Hindalco Chairman K M Birla says imports of aluminium and copper continue to hurt the domestic industry | Photo: Kamlesh Pednekar
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Hindalco Chairman K M Birla says imports of aluminium and copper continue to hurt the domestic industry | Photo: Kamlesh Pednekar

Aditi Divekar Mumbai
Hindalco Industries Chairman Kumar Mangalam Birla on Friday said there had been no official intimation from the European Union (EU) on the Novelis-Aleris deal. His statement came amid reports that the EU was set to approve Hindalco-owned Novelis’ $2.6-billion bid for Aleris.

He was speaking to Hindalco’s shareholders at the 60th annual general meeting (AGM).

Novelis, a US-based subsidiary of Hindalco Industries, has agreed to sell Aleris’ Belgian plant to address European Commission worries that the deal might reduce competition and lead to higher prices, hitting carmakers in particular, said reports.

“We have submitted remedial measures to the EU and an outcome is

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First Published: Aug 30 2019 | 6:38 PM IST

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