Hindalco to acquire AluChem for USD 125m, expanding footprint

** Hindalco Industries, through its step-down subsidiary Aditya Holdings LLC, is set to acquire 100% of AluChem Companies, Inc. for an enterprise value of USD 125 million, subject to customary adjustments. This strategic move, announced on June 24, marks Hindalco's entry into low soda Tabular Alumina and expands its access to precision-engineered materials, thus strengthening its global footprint in specialty alumina and alumina products. AluChem, with its three advanced manufacturing facilities in Ohio and Arkansas, brings an annual capacity of 60,000 tons and a legacy of over 45 years in delivering high-performance alumina with ultra-low soda calcined and Tabular Alumina. As a follow-up, Hindalco announced on June 27 that the board of directors will meet on August 12 to consider and approve the unaudited financial results for the quarter ending June 30. In anticipation of this meeting, the company also announced closure of the trading window from July 1 until August 14. Furthermore, in a separate announcement on June 28, Hindalco declared the results of a postal ballot, indicating shareholder approval on resolutions relating to related party transactions with Essel Mining, Grasim Industries, Novelis Corporation, Logan Aluminum and Novelis Deutschland.