Hindalco Industries has finalized its arrangement for acquiring Alumina Refinary and Bauxite Mines from Novelis Do Brasil, a wholly owned subsidiary of Novelis Inc. The agreement has been executed between Novelis Do Brasil, Novelis Inc and AV Minirals (Netherlands) B.V., a wholly owned subsidiary of Hindalco.
The Alumina Refinery, with a capacity of 145 KTPA, situated in the city of Ouro Preto, State of Minas Gerias, Brazil, has Mining Rights of over 50 million tones of Bauxite reserves. This transaction will be done by transferring the Alumina Assets of Nivelis Do Brasil into a new company to be formed in Brazil and acquisition of all the shares of the new company by AV Minerals (Netherlands) B.V.
The acquisition will take place after all necessary approvals and permits for restarting the idle facilities and operations of the company are obtained in Brazil.
