IANS | 21 Feb, 2024
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.
