Description
The story behind Hindalco's $6 billion acquisition of Novelis is of particular interest because of the firm's boldness. When Hindalco made the bid in 2007, Novelis represented the largest Indian investment in North America and the second-largest overseas investment by an Indian company, behind Tata's purchase of Corus just two weeks earlier. Would this bold move prove an effective way for Hindalco to go global and ensure long-term profitability by merging downstream and upstream operations? This chapter provides a detailed account of how Hindalco became a global Fortune 500 company through its transformational acquisition. This chapter is excerpted from "India's Global Powerhouses: How They Are Taking on the World."