Hindalco Industries has finalised the proposed acquisition of alumina refinery and bauxite mines in Brazil from its wholly-owned subsidiary Novelis as part of corporate reorganisation plan.

The agreement was executed between Novelis Do Brasil, a wholly-owned subsidiary of Novelisis and AV Minerals (Netherlands), a wholly-owned subsidiary of Hindalco Industries. The alumina refinery situated in the city of Ouro Preto, State of Minas Gerias, Brazil with the capacity of 145 kilo tpa has mining rights of over 50 million tonne of bauxite reserves.

This transaction will be done by transferring the Alumina assets of Novelis Do Brasil into a new company to be formed in Brazil and acquisition of all the shares of the new company by AV Minerals. However, the acquisition will take place after all necessary approvals and permits for restarting the idle facilities and operations of the company are obtained in Brazil.