India's biggest aluminium maker, Hindalco, and Sterlite Industries, are in talks with global firms to separately bid for Canada's Alcan, said the media report on Wednesday. Citing unnamed sources, the report said Sterlite's parent Vedanta Resources Plc was in advanced talks with global miner Rio Tinto to form a special purpose vehicle to bid for the aluminium major.
London-based Vedanta will likely invest $3-$4 billion and Rio Tinto could put in $10-$12 billion in the joint venture, said the report.
Hindalco Industries Ltd, which earlier this year bought Canadian aluminium firm Novelis for $5.9 billion, was in talks with BHP Billiton for a joint bid but a deal was some distance away.
A Vedanta spokesman declined comment, while a spokeswoman for Hindalco said it was not the company's policy to comment on speculation.
Media reports earlier this week said Norwegian aluminium group Norsk Hydro and Rio Tinto might place separate bids to trump Alcoa's $28.5 billion hostile bid for Alcan, a takeover that would create the world's largest aluminium group.
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