Hindalco divests stake in Australian arm Aditya Birla Minerals

MUMBAI: Aluminium-maker Hindalco has divested its stake in Australian arm Aditya Birla Minerals for 73 million Australian dollars to Metals X.

The divestment was completed in July this year. Aditya Birla Minerals supplied less than 10 per cent of their copper concentrates to Hindalco while rest was mainly sourced from South America.

"Aditya Birla Minerals is a listed company in Australia, a subsidiary of Hindalco, where we held 51 per cent shares. It had a couple of mines, which produced copper concentrates and the idea was a for steady supply for our copper plant," Hindalco CFO Praveen Maheshwari told reporters here.

He said, "the mines have almost run out of their life and we were contemplating for last 1-2 years to divest these portfolio from our company."

"This we have completed successfully in July 2016. "Divested to company in Australia Metals X through an open offer and realised 73 million AUD through the transaction," he said.