Canada's Alcan Inc said on June 05 that it has acquired 76 percent of a small Indian firm, but declined to comment on media speculation it may bid for India's top aluminium maker, Hindalco Industries Ltd.
"The press speculates. I can't comment on that," Steve Henning, a director at Alcan Composites, a fully owned subsidiary of Alcan, told reporters on a visit to Mumbai. The Times of India newspaper reported on June 04 that Alcan could team up with India's Sterlite Industries to bid for Hindalco as a way of making Alcan less of a take-over target. Henning said Alcan Composites has bought 76 percent of Alukbond India Private Ltd, an aluminium composite panel-maker, for "less than $50 million".