July 26, 2018 / 11:28 AM / a year ago

Hindalco Industries' U.S. unit to buy Aleris for $2.6 bln

MUMBAI, July 26 (Reuters) - India's Hindalco Industries Ltd said on Thursday its U.S. unit Novelis Inc has agreed to buy aluminium maker Aleris Corp for $2.6 billion, giving the company an entry into the aerospace sector and a higher customer base in the car industry.

Hindalco is owned by conglomerate Aditya Birla Group.

The deal will include $775 million of equity and $1.8 billion of debt which will be funded through Novelis, Kumar Mangalam Birla, chairman of Aditya Birla said.

The deal will be closed in the next nine to 15 months, Birla told a press conference. (Reporting by Tanvi Mehta and Promit Mukherjee Editing by Susan Fenton)

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