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Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said. The group could seek to list Novelis in New York by Sept, pending approvals from the US Securities and Exchange Commission, the people said.Novelis is the worldās biggest maker of flat-rolled aluminium products, used in an array of goods, from cars to soda cans. Novelis said in February it had filed confidentially for the listing with the SEC.
Deliberations are ongoing and details of the fundraising, including size, could change, the people said. The aluminium products maker may also still decide not to proceed with an IPO, they said. A representative for Hindalco declined to comment. Hindalco purchased Novelis in a multibillion-dollar deal in 2007. The US unit contributed to more than 60% of the Indian companyās revenue last financial year.
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