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Report On Business Alcan sells its stake in Utkal Alumina to Hindalco of India

- Alcan Inc. is selling its 45 per cent interest in Utkal Alumina International Ltd. to Hindalco Industries Ltd. of India for an undisclosed amount.

Alcan CEO Dick Evans had said in April the planned sale would not materially change his company's finances.

The venture, established in 1992, involves the development of a bauxite mine and an alumina refinery in the Indian state of Orissa.

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Montreal-based Alcan announced its intention to sell its interest in Utkal on April 12. Hindalco, part of the Aditya Birla Group, holds the remaining 55 per cent interest in Utkal.

Rio Tinto recently struck a deal to acquire Alcan for $38.1-billion (U.S.), topping an offer from rival Alcoa Inc.

"Alcan is pleased to have reached this agreement with Hindalco regarding the sale of its participating interest in Utkal," said Jacynthe Cote, CEO of Alcan Bauxite and Alumina.

"The company values its long-standing partnership with Hindalco, with whom it remains associated as technology supplier to the Utkal project and other Hindalco projects."

Alcan has 68,000 employees in 61 countries, working in bauxite mining, alumina processing, primary metal smelting, power generation and aluminum fabrication.

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