Hindalco Industries Ltd., an Indian non-ferrous metals company, announced Sunday its plans to acquire Novelis Inc., a producer of aluminum rolled products headquartered in Atlanta, Ga., for about $6 billion, including $2.40 billion of debt.
The transaction is expected to be completed during the second quarter of 2007.
After the acquisition, Hindalco, headquartered in Mumbai, India, and owned by the Aditya Birla Group, a $12 billion multinational conglomerate, will become the world's largest aluminum rolling company, one of the biggest producers of primary aluminum in Asia, and India's leading copper producer.
Novelis operates in 11 countries, has almost 12,500 employees and had $8.4 billion in 2005 revenue.
The Aditya Birla Group has 85,000 employees in 74 manufacturing facilities worldwide.