Alcan plans takeovers, joint ventures in India

Alcan Inc, fighting a takeover attempt by Alcoa, today said it intends to expand operations in India through acquisitions and joint ventures.

The announcement comes within a couple of months after Alcan decided to pull out of Utkal Alumina International, its joint venture with the Aditya Birla Group, by selling its 45% stake.

“You will be hearing about more acquisitions in the next two to three years,” said Steve Henning, director (strategy) at Alcan Composites. He was addressing a press conference to announce the acquisition of 76% stake in Alukbond India, maker and seller of agricultural facades, for an undisclosed amount. The company posted sales of $5 million last year.

He, however, didn’t give details of the proposed expansion plans in India. Analysts said the expansion plan of the Montreal-based aluminium maker would depend on the future ownership of the company which had recently rejected a $27.6 billion takeover bid from Alcoa.

Read more in The Business Standard article.