Hindalco strengthens global footprint with $125 mn acquisition of US-based AluChem
Limited, the metals flagship of the
Aditya Birla Group
, announced on Tuesday its acquisition of a 100 per cent equity stake in US-based
AluChem Companies
, Inc., for an enterprise value of $125 million.
As per a release, the acquisition will be executed through Aditya Holdings LLC, a wholly-owned subsidiary of Hindalco. The transaction is anticipated to conclude in the upcoming quarter, pending customary closing conditions and regulatory approvals.
'This acquisition is an important step in our global strategy to build a leadership position in value-added, high-tech materials,' said Kumar Mangalam Birla, Chairman of Aditya Birla Group.
'Our strategic foray into the specialty alumina space will not only accelerate the development of future-ready, sustainable solutions but also open new pathways to pursue high-impact growth opportunities. By integrating advanced technologies into our value chain, we are reinforcing our commitment to self-reliance, import substitution, and building scale in innovation-led businesses,' he further explained.
Hindalco's Specialty Alumina business, a key pillar of its value-added strategy, has delivered consistent double-digit growth in recent years and emerged as a high-growth, high-margin vertical within the company's portfolio.
AluChem brings to Hindalco a strong North American presence, with an annual capacity of 60,000 tonnes across its three advanced manufacturing facilities located in Ohio and Arkansas.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
Mithi River fraud: EOW submits charge-sheet against two middlemen
MUMBAI: A 7,000-page charge-sheet has been submitted against two alleged middlemen involved in the Mithi River desilting fraud. Police said the charge-sheet also names deputy chief engineers Prashant Ramgude and Ganesh Bendre of the storm water drains department of the Brihanmumbai Municipal Corporation (BMC), and civic official Prashant Tayshete. Mumbai, India - May 7, 2025:EOW Dept of Mumbai Police arrested 2 accused Ketan Kadam and Jay Joshi Mithi River Desilting case and produced at Esplanade Court, in Mumbai, India, on Wednesday, May 7, 2025. (Photo by Anshuman Poyrekar/ Hindustan Times) (Hindustan Times) 'We have submitted a charge-sheet of more than 7,000 pages before the EOW (Economic Offences Wing) court. The court is yet to take cognisance of the chargesheet,' said a police officer, adding that around 15 people have been cited as witnesses. The charge-sheet was submitted by the Economic Offences Wing (EOW) of the Mumbai Police in the Esplanade metropolitan magistrate court on Friday. The case relates to a ₹65.54-crore fraud that involves the manipulation of tenders to favour certain middlemen, in the desilting of the Mithi River. 'Our evidence in the charge-sheet is primarily receipts, statements, air-ticket copies of foreign trips of BMC officers, which show how the two arrested accused middlemen, who acted as middlemen, sponsored foreign trips for BMC officials. These middlemen are Ketan Kadam, director of Woder India LLP, a Mumbai-based company that provides desilting services, and Jayesh Joshi, who is associated with Virgo Specialties Pvt Ltd, a Mumbai-based industrial products manufacturer. The middlemen then got contracts to supply equipment to the contractors at inflated rates. The equipment was then supplied to the BMC,' said a police officer. Police have charged the accused under sections 406 (criminal breach of trust), 420 (cheating), 465 (forgery) and 120B (criminal conspiracy) and 474 (possessing a forged document or electronic record with the intention of using it as genuine) of the Indian Penal Code (IPC). Police said that prima facie investigations show that Kadam and Joshi, who acted as middleman in the desilting scam, had together received ₹9 crore. Kadam and Joshi are among 13 people named in the First Information Report (FIR). Investigators have questioned all 13 accused including actor Dino Morea and his brother, but have made only two arrests so far. These are Ketan Kadam and Jayesh Joshi, both of whom are out on bail. 'We have kept the option of further investigations open under section 193 (3) of the Bharatiya Nagarik Suraksha Sanhita (BNSS), for further investigations in the charge-sheet,' said the police officer. The FIR was registered in May, against 13 people, including three civic officials, for allegedly causing a loss of ₹65.54 crore to the BMC through irregularities in the execution of contracts for desilting the Mithi River. The FIR also names senior executives of the contractors involved in the desilting project, such as Matprop Technical Services, Virgo Specialties, Woder India, Acute Designs, Kailash Construction Company, NA Constructions, Nikhil Constructions and JRS Infrastructure. The alleged scam took place between 2013 and 2023, officials said. A special investigation team (SIT) was constituted in August 2024 after questions were raised in the state legislative council about alleged irregularities in the desilting of the 17.84-km-long river.
Economic Times
an hour ago
- Economic Times
US defense bill proposes examination of Apple display supplier
A measure added into a massive U.S. defense spending bill in recent weeks will, if passed, ask the Pentagon to determine whether one of Apple's display suppliers should be listed as a Chinese military company. Being on the list does not block companies from doing business in the U.S. but will in coming years block them from being part of the U.S. military's supply chain. The bill, known as the National Defense Authorization Act, was approved in July by key committees in both houses of the U.S. Congress. The final bill, considered a "must-pass" because it funds the U.S. military, is expected to become law later in the year. When the bill was approved by the U.S. House of Representatives Armed Services Committee, a newly added amendment for the first time asked the U.S. Defense Department to consider whether BOE Technology Group Co, listed on Apple's official suppliers list, should be added to a list of firms that allegedly aid China's military. BOE and Apple did not respond to requests for comment. Craig Singleton, a China expert at the Foundation for Defense of Democracies, a Washington think-tank, said Beijing had offered billions of dollars in subsidies, tax breaks and loans to help firms such as BOE dominate global panel production. "This creates a single-source vulnerability that could be easily exploited to disrupt or degrade U.S. military operations, not to mention undermine commercial supply chains, during a conflict or period of heightened bilateral tension with Beijing," Singleton added. A study published last month by New York-based NERA Economic Consulting and commissioned by BOE's U.S. subsidiary found that the display industry, which includes major Korean players such as Samsung Electronics and LG Electronics, remains highly competitive, with no single player capable of significantly affecting global prices. "There is no credible risk of a supply chain disruption by mainland China display manufacturers," the report said.
Hindustan Times
an hour ago
- Hindustan Times
‘Ties survived many challenges': India amid Donald Trump's tariff threat
New Delhi : In the face of President Donald Trump's punitive tariffs on Indian goods and criticism of energy and defence purchases from Russia, India on Friday said its ties with the US had overcome several challenges and New Delhi is committed to taking the relationship forward. MEA spokesperson Randhir Jaiswal addresses a weekly media briefing in New Delhi on Friday.(ANI) Responding to the US's 25% reciprocal tariff that becomes effective on August 7 and an unspecified additional penalty for purchasing Russian oil, external affairs ministry spokesperson Randhir Jaiswal told a weekly media briefing that India remains focused on the 'substantive agenda' that the two sides have agreed on to drive the relationship. He also pointed to the potential for growing the 'strong defence partnership' with the US. At the same time, Jaiswal defended India's procurement of energy and defence hardware from Russia, saying New Delhi and Moscow have a 'steady and time-tested partnership'. He also made it clear that defence requirements are determined by India's national security imperatives and strategic assessments. 'India and the US share a comprehensive global strategic partnership anchored in shared interests, democratic values and robust people-to-people ties. This partnership has weathered several transitions and challenges,' Jaiswal said in response to several questions regarding Trump's tariff policy. 'We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward,' he said. The India-US defence partnership has strengthened over the last several years and decades, he said. 'There is potential for this partnership to grow further under the India-US COMPACT for the 21st century,' he added, referring to the COMPACT or Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology arrangement that was finalised when Prime Minister Narendra Modi met Trump in Washington in February. People familiar with the matter said the Indian side is drawing a distinction between the actions of Trump and the institutionalised relationship between India and the US, which is not limited to trade. At the same time, the Indian side is mindful of the whimsical and unpredictable nature of the American leader's decisions, the people said on condition of anonymity. 'The relationship is not just about trade. It is also about defence, technology, students, people-to-people ties, the mobility of professionals and shared interests in the Indo-Pacific,' one of the people said. 'We have endured worse patches in the past, such as after India's nuclear tests in 1998.' Jaiswal's remarks came a day after commerce minister Piyush Goyal told Parliament that India will take 'all necessary steps' to secure its national interest in the wake of the reciprocal tariff unveiled by Trump. Goyal said the government is examining the implications of the development and is engaged with all stakeholders, including exporters and industry, to assess the situation. In an initial response to Trump's punitive tariff on India, the commerce ministry said India and the US are engaged in negotiations for concluding a 'fair, balanced and mutually beneficial' trade deal and New Delhi remains committed to that objective. At the same time, the government pledged to protect the interests of Indian farmers, entrepreneurs and MSMEs. Trump has unleashed a barrage of social media posts this week, reiterating his claim that India's tariffs are among the world's highest and criticising India for having the 'most strenuous and obnoxious' trade barriers and for buying a majority of its military equipment and energy from Russia. 'I don't care what India does with Russia. They can take their dead economies down together, for all I care,' he said on social media. While announcing a trade deal with Islamabad, Trump mockingly suggested that Pakistan could sell oil to India once the neighbouring country's energy reserves are developed with US assistance. He has also continued repeating his claim that he brokered a ceasefire between India and Pakistan in May, when hostilities erupted after New Delhi launched a military operation to target terrorist infrastructure in territories controlled by Islamabad in retaliation for the Pahalgam terror attack. The Indian side has said no foreign country had a role in the stopping of military actions. In the context of India-Russia relations, Jaiswal said India's bilateral relationships with various countries 'stand on their own merit and should not be seen from the prism of a third country'. He added: 'India and Russia have a steady and time-tested partnership.' Jaiswal said the sourcing of India's defence requirements is 'determined solely by our national security imperatives and strategic assessments'. After US and its Western partners slapped wide-ranging sanctions on Russia over invasion of Ukraine, India ramped up purchase of Russian commodities, especially oil and fertilisers. Russia soon displaced Iraq and Saudi Arabia as the main suppliers of crude to India, the world's third largest oil importer.
