New Delhi, Feb 20 (IANS) Atlanta-based Novelis Inc., a fully-owned subsidiary of Hindalco Industries, has announced that it has confidentially submitted a draft registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public offering (IPO) of its common shares.
The common shares are expected to be offered by Novelis’ sole shareholder, i.e., AV Minerals (Netherlands) N.V., a fully-owned subsidiary of Hindalco Industries Limited.
Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.
Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, reported results for the third quarter of fiscal year 2024 last week.
“Novelis delivered a substantial year-over-year improvement in adjusted EBITDA and adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year,” said Steve Fisher, President and CEO, Novelis Inc.
Novelis is constructing a state-of-the-art, greenfield rolling and recycling plant in Bay Minette, Alabama, which is anticipated to be able to initially produce 600 kilo tonnes of finished goods for the beverage packaging and automotive markets in North America.
This is the first fully-integrated aluminum plant built in the US in nearly 40 years, and the largest project in the company’s history. With a high level of project engineering complete, and all key equipment and the majority of materials contracted, the project capital cost is now expected to be $4.1 billion, the company said.
–IANS
san/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
