A logo is pictured on the facility of flat-rolled aluminium producer Novelis, part of Aditya Birla Group.
| Photo Credit: REUTERS

 Novelis Inc., a sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, has announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common shares.

 The common shares are expected to be offered by Novelis’ sole shareholde Hindalco Industries Lid of the Aditya Birla Group. 

Novelis will not receive any proceeds from the sale of common shares by its sole shareholder, the company said in statement. 

Novelis intends to list its common shares on the New York Stock Exchange under the ticker symbol “NVL.”

The number of shares to be offered and the price range for the proposed offering have not yet been determined. 

The company is expected to complete the public offering after the SEC completes its review process, subject to market and other conditions. 

“There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” it said in the statement.

Kumar Mangalam Birla. File.
| Photo Credit: PTI

Aditya Birla Group’s Hindalco Industries Ltd. will invest ₹2,000 crore in a railway related green-transportation project, Chairman Kumar Mangalam Birla informed the shareholders at the company’s AGM held here.

“Indian Railways has the laudable goal of becoming Net Zero while concurrently doubling freight capacity,” Mr. Birla said. “Hindalco is going all out to support the Railway’s carbon goals. We have already commercialised India’s first all-aluminium light-weight rake which is not just enabling higher speed and more payload per trip but will save over 14,500 tonnes of CO2 over its lifetime,” Mr. Birla said.

“We plan to introduce three more designs of freight wagons in the coming months targeting specific end use applications, including bagged cement, and foodgrains. We are even more excited to partner the Indian Railways and the passenger coach manufacturing ecosystem for the ambitious high speed Vande Bharat trains,” he added.

“An investment of ₹2,000 crore is planned for the project and technology tie-ups are in place to bring new extrusion and fabrication technologies to India,” Mr. Birla further said.  

Hindalco has no plans for fabrication of coaches. The investment is likely in a facility for making extrusions that would be used by railway coach manufacturers, an official clarified.

For the electric-vehicle (EV) sector the company’s projects for battery foils, coated aluminium fins, aerospace grade extrusions were also on track “to make Hindalco an ideal partner for multiple industries to support their new product development and make in India initiatives,” he said. 

Mr. Birla said Hindalco had embarked on a growth phase at Novelis and India business with a total capital expenditure of $4.63 billion for India and Novelis in projects that were under execution. 

“Novelis has growth projects totaling $3.5 billion underway in the U.S., South Korea, and Brazil to serve the increasing demand for sustainable aluminium products. Hindalco’s India business has ongoing growth projects of around $1.13 billion under execution which include high-growth downstream projects in e-mobility, packaging, building and construction, consumer durables, and resource securitisation,” he told shareholders.