Hindalco’s US unit Novelis is shoring up its US presence with a $2.5 billion investment in setting up a new aluminum recycling and rolling plant in Alabama. In India, despite a muted response from foreign institutional investors, the LIC IPO finally sailed through, netting the government the Rs 21,000 crore it was hoping for after various setbacks threatened to derail the country’s largest public issue. Meanwhile, with the announcement of the long-speculated L&T Infotech and Mindtree merger, the L&T group’s quest for scale in the IT services business received a boost, and Holcim’s efforts to sell its cement assets in the country reached a swift conclusion as the Adani group closed the deal with an unmatched offer. Finally, Air India’s search for a CEO may be over with the Tata group announcing that Scoot boss Campbell Wilson would head the airline come August.
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