Novelis to set up $2.5bn aluminium plant in US

Novelis, a unit of Hindalco, will invest $2.5 billion to build a new low-carbon aluminium recycling and rolling plant in Bay Minette, Alabama (US). Hindalco, controlled by billionaire Kumar Mangalam Birla, had bought Novelis, based in the US, for $6 billion in 2007.