 "Aluminium")
The aluminium rolling & recycling company Novelis Inc, a subsidiary of Aditya Birla Group’s Hindalco Industries Ltd, has sold its 50 percent in its Ulsan (South Korea) facility to Japan’s Kobe Steel Ltd for $ 315 million. With this, two companies will form a joint venture, to be named Ulsan Aluminum Ltd.
Through the venture, Novelis and Kobe Steel will jointly own and operate the Ulsan facility, with each company remaining responsible for its metal supply and commercial relationships. The joint venture transaction is expected to close in September 2017, subject to customary closing conditions.
By entering into this joint venture, Novelis
