Alcan Reaches Agreement to Sell its Interest in Utkal Joint Venture
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MONTREAL, Canada, July 18/ -- Alcan announced today an agreement with Hindalco Industries Limited, India (Hindalco) for the sale of its 45% interest in Utkal Alumina International Limited (Utkal). The Utkal joint venture was established in
1992 and involves the development of a new bauxitemine and alumina refinery in the Indian state of Orissa (Utkal Project).Alcan expects completion during the third quarter of 2007. Terms of the transaction were not disclosed.
"Alcan is pleased to have reached this agreement with Hindalco regarding the sale of its participating interest in Utkal," said Jacynthe Côté, President and CEO of Alcan Bauxite and Alumina. "The Company values its long-standing partnership with Hindalco, with whom it remains associated as technology supplier to the Utkal Project and other Hindalco projects," Côté continued. "Alcan will continue to focus on growing and executing its pipeline of projects in bauxite-rich regions while leveraging its world-leading alumina refining technology," she concluded.
Alcan had announced its intention to sell its interest in Utkal on April 12, 2007.
Hindalco, part of the Aditya Birla Group, holds the remaining 55% interest in Utkal.
Alcan Inc. (NYSE: AL; TSX: AL) is a leading global materials company, delivering high quality products, engineered solutions and services worldwide. With world-class technology and operations in bauxite mining, alumina processing, primary metal smelting, power generation, aluminum fabrication, engineered solutions as well as flexible and specialty packaging today's Alcan is well positioned to meet and exceed its customers' needs.
Alcan is represented by 68,000 employees, including its joint ventures, in 61 countries and regions, posted revenues of US$23.6 billion in 2006. The Company has featured on the Dow Jones Sustainability World Index. For more information, please visit: www.alcan.com.
Source: Alcan Inc.
Media Contact:Anik Michaud, Tel.: +1-514-848-8151, media.relations@alcan.com;
