Indian aluminum manufacture Hindalco was approved to purchase America aluminum manufacture Novelis

The European Commission said that Indian aluminum manufacture Hindalco was approved to purchase America aluminum manufacture Novelis, and claimed that the acquisition would not hinder the competition among EU.

European Commission figured on the 8^th that ndian aluminum manufacture Hindalco was approved to purchase America aluminum manufacture Novelis, with 6 billion euros.
    Novelis is mainly engaged in the production of aluminum material. According to the website data, the flat aluminum material produced by the company accounts for 19% of the world¡¯s output.

Novelis corporation is headquartered in Atlanta, Georgia, USA, and has branch offices in North America, South America and Asia. The net loss of the company in 2006 was 2.75 billion US dollars, and the net sale was 9.8 billion US dollars.

The European Commission showed that the acquisition would not hinder the competition in the EU, since the influence of Hindalco over the Europe was very limited.

Hindalco is located in India, the net profit of which in the first quarter 2007 was 7.21 billion Indian Rupees (about 176 million US dollars), with the revenue of 47.5 billion repees at the same period.

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