India's Hindalco closes $2.8b acquisition of US-based Aleris Corp

Nearly two years after signing a deal to take over Ohio-based aluminium rolled products maker Aleris Corp, billionaire Kumar Mangalam Birla’s Hindalco Industries finally completed the acquisition on Tuesday through its subsidiary Novelis Inc. The enterprise value of the deal, at $2.8 billion, is slightly higher than the initial estimate of $2.58 billion. With the deal closure, Hindalco is now one of the world’s largest aluminium makers.