Reuters reported that Norwegian conglomerate Orkla has strengthened its foothold in India by agreeing to buy an aluminum extrusion plant near Bangalore in southern India.
The Norwegian company said that its Sapa aluminum unit will buy the facility from India's Alufit Limited for an undisclosed amount.
Mr Johan Hovland VP of Orkla said that "This India will be one of the fastest growing markets in the future and Sapa is the first of the major players to enter India in this way. Earlier this winter Orkla sold its Elkem silicon subsidiary to China National Bluestar for USD 2 billion in part so Orkla could focus on its Sapa aluminum arm. Its other main business area is food products.”
He said that the Alufit plant built in 2009 includes a press capable of turning out 10,000 tonnes per year of extruded metal. Its output can eventually be ramped up to make a larger contribution to Sapa's total capacity currently about 1.2 million tonnes.
Mr Henrik Schultz an analyst at Argo Securities said that they have sold off a lot and have said they would soon start buying into things, so I think this looks exciting.
He said that Orkla has long wanted to expand its aluminum presence in Asia. We know that they have tried a long time to find production companies in the Far East, and preferably outside of China, since production costs there are beginning to be rather high. This suits them perfectly.
(Sourced from Reuters)
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