Hindalco Industries' arm Novelis Inc files documents with SEC for proposed US IPO

Novelis, the wholly-owned arm of Hindalco Industries, on Tuesday said it has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) for its proposed initial public offering.

The common shares are expected to be offered by Novelis' sole shareholder--a wholly-owned subsidiary of Hindalco Industries Ltd.

"Novelis Inc, a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, today announced that it has confidentially submitted a draft registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public offering of its common shares," it said in a statement. Novelis will not receive any proceeds from the share sale.

Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. Novelis is a subsidiary of Hindalco Industries Ltd, an industry leader in aluminum, copper and metals; and a flagship company of the Aditya Birla Group.

Novelis is a leading sustainable aluminum solutions provider and is into aluminum rolling and recycling. Novelis operates an integrated network of technically advanced rolling and recycling facilities across North America, South America, Europe and Asia.