Mumbai: Canada’s Alcan Inc. has acquired 76% of a small Indian firm, but declined to comment on media speculation it may bid for India’s top aluminium maker, Hindalco Industries Ltd.
“The press speculates. I can’t comment on that,” Steve Henning, a director at Alcan Composites, a fully owned subsidiary of Alcan, told reporters on a visit to Mumbai.
A leading Indian newspaper reported on 4 June that Alcan could team up with India’s Sterlite Industries to bid for Hindalco as a way of making Alcan less of a takeover target.
Henning said Alcan Composites has bought 76% of Alukbond India Private Ltd., an aluminium composite panel-maker, for “less than $50 million”.