Question

Impact of hindalco acquisition of novelis on economic sector

Answer 1

Interestingly, it wasn’t until May 2006, that Hindalco came into the picture. Company managing director Debu Bhattacharya wrote to the Novelis management in July 2006, giving the process almost six months before group chairman Kumar Mangalam Birla announced at a weekend press conference in Mumbai, about its winning bid.

When contacted, an Aditya Birla group spokesperson said: “It was an open bidding process and we are not aware of the other two companies. We went through the whole process through Morgan Stanley.”