Novelis takes $265 mn step back from China
Novelis Inc., part of Hindalco Industries, has agreed to sell its Chinese subsidiaries for $265 million. This decision is part of its strategy to reduce operations in China…
Attributed summary
Novelis Inc., part of Hindalco Industries, has agreed to sell its Chinese subsidiaries for $265 million. This decision is part of its strategy to reduce operations in China due to increased domestic competition. The agreement includes an potential earn-out of up to $10 million based on certain conditions. The transaction is expected to close within twelve months pending regulatory approvals.
Read the original report — Economic Times
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