Hindalco Industries’ subsidiary Novelis submits documents with SEC to go public in US [Video]

Novelis Inc, a wholly owned subsidiary of Hindalco Industries Ltd on Tuesday (February 20) announced the confidential submission with the Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO).

The common shares are expected to be offered by Novelis’ sole shareholder (a subsidiary of Hindalco Industries), the company said in a release. Novelis will not receive any proceeds from the sale of common shares by Hindalco.

Aluminum solutions provider Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.

Earlier in February, Hindalco Industries put its weight behind the Bay Minette project being developed by Novelis amid growing concern among the shareholders due to the cost overrun.

The project’s total capital cost has gone up 65%, according to Novelis. Hindalco in its financial report for Q3 of FY2024 revised the total capital expenditure of the project to $4.1 billion.

Hindalco in its financial report for Q3FY2024 revised …