Hindalco could goal a valuation of about $18 billion for Atlanta-based Novelis, the individuals mentioned, asking to not be recognized as a result of the matter is non-public.
The Indian group may search to record Novelis on the New York Inventory Change by September, pending approvals from the US Securities and Change Fee, the individuals mentioned. Novelis is the world’s greatest maker of flat-rolled aluminum merchandise, utilized in an array of products, from vehicles to soda cans.
Novelis mentioned in February it had filed confidentially for the itemizing with the SEC.
Deliberations are ongoing and particulars of the fundraising, together with dimension, may change, the individuals mentioned. The aluminum merchandise maker can also nonetheless determine to not proceed with an IPO, they mentioned.A consultant for Hindalco declined to remark.Hindalco bought Novelis in a multibillion-dollar deal in 2007. The US unit contributed to greater than 60% of the Indian firm’s income final monetary yr. Beneath the proposed sale, the inventory can be supplied by a unit of Hindalco and Novelis received’t obtain any proceeds, the individuals mentioned.Financial institution of America Corp. and Citigroup Inc. are among the many banks engaged on the Novelis itemizing, Bloomberg Information has reported.
