ALCAN, NORSK HYDRO MAY BUY TATA STAKE IN UTKAL

Article Abstract:

Alcan Aluminium of Canada and Norsk Hydro of Norway are likely to acquire the 20 percent stake held by the Tata group in the Rs1600 crore equity capital of Utkal Alumina Ltd. Alcan is to acquire 15 percent of the Tata holding while 5 percent will be acquired by Norsk Hydro. This will make Norsk Hydro the biggest stakeholder, at 45 percent, in the Rs4000 crore, one million tonne alumina project. Alcan will hold a 35 percent stake while Indal's stake will remain unchanged at 20 percent. The Tata group is exiting the project as it is moving out of all businesses falling outside its core competencies. (khr)

Electric Utilities, Electric Power Generation, Transmission and Distribution, Norsk Hydro ASA, Tata Group, Alcan Canada Products Ltd.

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ALCAN PLANNING TO INVEST MORE IN UTKAL

Article Abstract:

Alcan of Canada is thinking of fresh investments to double the capacity of the Utkal Alumina Limited (UAL). UAL plans to increase its capacity to 2.5 million tonnes of alumina from one million tonnes at an additional investment of Rs2,000 crore. Utkal Alumina is a joint venture between Alcan, Indian Aluminium, Tata Steel and Norsk Hydro SA of Norway. The Rs4,000 crore project is coming up in Orissa and is likely to be commissioned by 2001-02 AD. (khr)

Comment:

Plans fresh investments to double the capacity of Utkal Alumina

Capital expenditures

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FIPB CLEARS ALCAN MOVE FOR STAKE IN UTKAL ALUMINA

Article Abstract:

The Foreign Investment Promotion Board (FIPB) has approved the proposal by Alcan of Canada to acquire stake in Utkal Alumina. The application has to be approved by Mr Sikander Bakht, the Industries minister. Indian Aluminium Company and the Tatas will be reducing their stake in Utkal Alumina to 20 percent each and Alcan will acquire a similar stake in Utkal Alumina. Norsk Hydro will increase its stake in Utkal Alumina from 33 percent to 40 percent. (ag)

Comment:

Gets approval from Foreign Investment Promotion Board of India to acquire 20% stake in Utkal Alumina

Canada

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