Alcan plans to sell stake in Indian JV to develop bauxite mine and alumina refinery

Alcan Inc. said Thursday it plans to sell its 45 percent stake in an Indian joint venture to develop a new bauxite mine and alumina refinery.

Alcan said it expects to complete the sale of its interest in Utkal Alumina International Ltd. during the second quarter. While Alcan said it has taken "initial steps" leading to the sale, it did not identify a prospective buyer, nor the expected proceeds from the deal.

Jacynthe Cote, president and chief executive of Alcan Bauxite and Alumina, said in a statement the company opted to exit the joint venture because of a limited ability to participate in key decisions.

Alcan shares rose 17 cents to close at $54.59 on the New York Stock Exchange.