Hindalco Industries, the metals flagship of the Aditya Birla Group, on Friday said it has finalised arrangement for acquiring alumina refinery and bauxite mines in Brazil from its wholly-owned subsidiary Novelis as part of corporate reorganisation plan.
Claim could be over fee for guarantees given for loans to acquire Novelis.
Base metals major Hindalco's overseas subsidiary, Novelis, has submitted a draft registration with the US Securities and Exchange Commission (SEC) for the proposed public offering of promoters' shares. Novelis' sole shareholder, AV Minerals (Netherlands) NV, is a 100 per cent subsidiary of Hindalco. Novelis would not receive any proceeds from the sale. Assuming SEC clearance could go through in about 6 months.
Three independent people with knowledge of the talks said the group had been selected in the first round and was now likely to make a formal bid.
Biggest contribution came from Bharti group-led Satya Electoral Trust.
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