Hindalco Inds divests entire stake in wholly-owned subsidiary

Hindalco Industries on Friday announced that it has entered into a share purchase agreement with Terrabel Empreedimentos Ltda, a Brazilian firm to divest entire equity shareholding in Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB).

Hindalco Do Brazil Industria Comercia de Alumina is a wholly owned step-down subsidiary of Hindalco Industries. The consideration received from disposal is one Brazilian real. Hindalco expects completion of sale by 3 March 2022.

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium rolling and recycling company, and a major copper player. It is also one of Asia's largest producers of primary aluminium.

 

The company reported a 96% jump in consolidated net profit to Rs 3,675 crore in Q3 FY22 from Rs 1,877 crore reported in Q3 FY21.

Shares of Hindalco Industries were trading 7.16% higher at Rs 572 on BSE. The counter hit a 52-week high of Rs 580 on BSE.

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