Novelis Shareholders Approve Acquisition by Hindalco

Novelis Inc. announced today that at a special meeting of shareholders held today in Atlanta, Ga., its shareholders voted to approve the company's acquisition by Hindalco Industries Limited.. Approximately 99.8 percent of the votes cast by shareholders were in favor of the transaction.

Under the terms of the transaction, Hindalco, through its subsidiary AV Metals Inc., will acquire Novelis for US$44.93 per common share in cash. Total enterprise value is estimated at US$6 billion, including debt. Upon completion of the arrangement, Novelis will become a subsidiary of Hindalco.

Hindalco and Novelis have received all required regulatory consents which are a condition to the completion of the transaction. The arrangement remains subject to final court approval under Canadian law. Novelis expects the transaction to be completed on May 15, 2007.

About Novelis

Novelis is the global leader in aluminum rolled products and aluminum can recycling. The Company operates in 11 countries, has approximately 12,900 employees, and reported revenue of $9.8 billion in 2006. Novelis offers the capability to provide its customers with a regional supply of technologically sophisticated rolled aluminum products throughout Asia, Europe, North America and South America. Through its advanced production capabilities, the company supplies aluminum sheet and foil to the automotive and transportation, beverage and food packaging, construction and industrial, and printing markets.

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