MUMBAI: Despite the European Commission suspending the deadline to clear Novelis’ takeover of Aleris, Hindalco Industries, the Indian parent of Novelis, is confident that the acquisition will be completed on schedule. We remain confident that we will complete all regulatory approvals by Q2 of this financial year," Pai added. Hindalco announced last July that its US unit Novelis would buy Aleris at an enterprise value of $2.58 billion. In March this year, EU anti-trust regulators said they have started a probe into Novelis’ plan to buy Aleris. Consolidated profit for FY19, including Novelis, fell 10% to ₹5495 crore from ₹6083 crore in FY18.

Source: Mint May 16, 2019 13:29 UTC