|
|
|
|
|
21 November, 2024 21:54 IST |
|
|
|
|
|
|
|
Hindalco acquires Hydro's aluminium extrusions business in Andhra Pradesh
Source: IRIS | 17 Dec, 2021, 08.25PM
|
|
|
|
|
| Rating: NAN / 5 stars. |
 Comments | Post Comment |
|
 Hindalco Industries, the Aditya Birla Group flagship company, on December 17, has signed a definitive agreement to acquire Hydro’s aluminium extrusions business in India for an enterprise value of Rs 2.47 billion. This acquisition from Hydro, the Norway-headquartered aluminium and energy company, brings into the Hindalco fold, an integrated facility located in Kuppam, Andhra Pradesh, an experienced team of employees and the ability to serve a robust portfolio of reputed customers.
Hydro’s Kuppam plant has a 15,000-ton aluminium extrusions capacity and is integrated with advanced value addition capabilities for surface finishing and fabrication. Located about 120 kilometres from Bengaluru, the Kuppam facility offers custom aluminium extrusion products and solutions for auto, building & construction, and industrial applications. It will further extend Hindalco’s footprint in South India, which is the second largest extrusions market in India.
"The acquisition of the Kuppam plant is a strategic step to expand our presence in the upper-end of the value-added market. The plant’s specialised product portfolio will enhance our capabilities in high-end extrusions and fabricated solutions. The acquisition is the latest step in our long-term strategy to augment our downstream business. Over the past year, we have already announced a total capex of Rs 37.30 billion towards addition of downstream capacities at Silvassa and Hirakud. Our recent acquisition of the Ryker copper wire rod unit for our Copper value-added portfolio is also in line with this strategy," said Satish Pai, Managing Director, Hindalco.
Shares of the company declined Rs 0.25, or 0.06%, to settle at Rs 450.30. The total volume of shares traded was 370,460 at the BSE (Friday).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
