Hindalco wants to get out of wheel biz; to sell Silvasa plant

MUMBAI: Aditya Birla Group's flagship Hindalco Industries today said that it was looking for buyers for its wheel plant at Silvasa as the business does not fall into its core activities.

"The company has decided to close its wheel plant located at Silvasa and having a total capacity of three lakh wheels per annum. This being an insignificant part of the operations, will not have any impact on the operations and financials of the company," Hindalco said in a communique to the Bombay Stock Exchange.

"The company is taking necessary steps to sell the assets of the plant," the statement added.

Hindalco Industries President and Chief Financial Officer Sunirmal Talukdar told PTI that the decision to put the Silvasa plant on the block was taken as the metal major wanted to distance itself from its non-core businesses.

"Wheel making is not our core business and as such we have taken a decision to sell the wheel plant," Talukdar said.

Asked whether the company has initiated talks with the potential buyers, Talukdar said, "That I can't disclose now".