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US-based Novelis on Wednesday announced that it had sold off 50 per cent of its stake in the Ulsan facility in South Korea for $315 million to form a joint venture with Japan’s Kobe Steel, a producer of aluminium rolled products.
The joint venture (JV), to be named Ulsan Aluminum, will have each company remaining responsible for its metal supply and commercial relationships, Novelis said in a release. The JV transaction is expected to close in September 2017, subject to customary closing conditions, it added.
Novelis is a wholly-owned subsidiary of Aditya Birla Group’s flagship company Hindalco Industries.
The joint venture (JV), to be named Ulsan Aluminum, will have each company remaining responsible for its metal supply and commercial relationships, Novelis said in a release. The JV transaction is expected to close in September 2017, subject to customary closing conditions, it added.
Novelis is a wholly-owned subsidiary of Aditya Birla Group’s flagship company Hindalco Industries.
