ANI
15 Nov 2026, 19:06 GMT+10
New Delhi [India], November 15 (ANI): Hindalco Industries on Sunday said Novelis Inc., its US-based subsidiary, has agreed to sell two Chinese subsidiaries for about USD 265 million. The proposed sale includes the subsidiary that operates Novelis's automotive aluminium plant in Changzhou, China.
The deal also provides for an additional USD 10 million payment if specified conditions are met. The two subsidiaries together accounted for about 1 per cent of Hindalco's consolidated net sales in FY26.
Novelis signed the agreement on Saturday to sell Novelis (China) Aluminum Products Co Ltd and Novelis (Shanghai) Aluminum Trading Co Ltd to Shenzhen Hongzhi Industrial Investment Co Ltd and/or one or more of its affiliates, Hindalco said in a stock exchange filing.
"Closing is expected to occur within 12 months of the execution date, subject to regulatory approvals," Hindalco said.
The two units recorded net sales of Rs 3,319 crore in FY26 and contributed Rs 2,420 crore to Hindalco's net worth at the end of the financial year, or about 2 per cent of the group's net worth.
The Changzhou plant makes aluminium sheet for lightweight vehicle structures and body panels. Novelis lists its Zhenjiang operation, which makes products for the aerospace and industrial sectors, under a separate Chinese subsidiary outside the announced sale.
Hindalco said the sale is not a related-party transaction. The filing did not disclose the reason for the sale. (ANI)
Get a daily dose of Milwaukee Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Milwaukee Sun.
More InformationTEHRAN, Iran, November 15 (ANI): Iran's Foreign Ministry spokesperson Esmaeil Baqaei on Saturday (local time) slammed the US narrative...
BUDAPEST, Hungary: The world-famous Rubik's Cube is returning to its birthplace in Hungary, more than 50 years after its invention....
BEIJING, China: Chinese President Xi Jinping has renewed his call for Taiwan's reunification with China, saying it was an unavoidable...
The ink on the U.S.-brokered ceasefire is long dry, yet Gaza's hospitals continue to be soaked in blood. As the ceasefire is repeatedly...
JAKARTA, Indonesia: Indonesian Vice President Gibran Rakabuming Raka is facing a possible impeachment process after more than 100 lawmakers...
WASHINGTON, DC - The U.S. has begun allowing grounded flights across the country to resume. The Federal Aviation Administration (FAA)...
WASHINGTON, D.C.: Sales of previously owned US homes fell in October to their lowest level in more than 16 years, as rising mortgage...
(Photo credit: Matt Marton) Looking to end a nine-game losing skid, the Milwaukee Bucks host the local star Jalen Johnson and his...
(Photo credit: Mark Hoffman) Wisconsin will look to build on its most complete performance when it hosts Coastal Carolina in a nonconference...
(Photo credit: Dale Zanine) 'Killers,' Los Angeles Lakers' coach J.J. Redick called his remarkable backcourt combination of Luka...
(Photo credit: Jeff Blake) Aleksas Bieliauskas scored a career-high 23 points as South Carolina pulled away in the second half for...
(Photo credit: Jamie Sabau) Cardell Williams threw a touchdown pass and ran for two scores, and Sean O'Haire kicked the go-ahead...
