Hindalco-owned aluminium company Novelis to launch US IPO

Kumar Mangalam Birla plans to launch an IPO of Novelis, his aluminium company, in the US market. It will be the first Indian conglomerate to sell common shares in the US. The IPO will enable Hindalco to raise capital for projects and expansions. Indian companies like Rediff and Sify have previously listed on US exchanges.

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