/ Novelis Enters JV With Kobe Steel In South Korea ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 11 May 2017

Novelis, a wholly-owned subsidiary of Aditya Birla Group’s flagship company Hindalco Industries, on Wednesday announced that it had sold off 50% of its stake in the Ulsan facility in South Korea for $315 million to form a joint venture with Japan’s Kobe Steel, a producer of aluminium rolled products.

Novelis, in a media release, said that the joint venture (JV), to be named Ulsan Aluminium, will have each company remaining responsible for its metal supply and commercial relationships.

“As a company, we constantly identify business opportunities that allow us to deliver maximum value across our global operations and we continue to see Asia as a strategic market,” said Steve Fisher, president and chief executive officer, Novelis.

“By entering into this joint venture, we are able to leverage our deep experience with other successful joint ventures to more efficiently serve our customers and increase our strategic flexibility in order to capitalise on potential future market opportunities,” he added.

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