Hindalco Industries: Eyeing Aleris Corp?

Shares of Hindalco Industries will see market attention on reports that it is among the potential buyers that submitted bids for US aluminum producer Aleris Corp. A Bloomberg report quoting unnamed sources said Hindalco made a non-binding offer through its US unit Novelis Inc, and will now conduct due diligence. A deal could value Aleris at around $2.5 billion. The move could help Hindalco achieve its overseas expansion plans.