Alcan pulls out of Utkal project in Orissa, India - says decision is "in the best interests of all our stakeholders"
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Alcan announced today its intention to sell its 45% interest in India's Utkal Alumina International Limited (Utkal)...Alcan has already taken initial steps leading to the sale process and expects completion during the second quarter of 2007...President and CEO, Alcan Bauxite and Alumina [said]..."We...believe that we have acted in the best interests of all our stakeholders."...Hindalco, part of the Aditya Birla group, holds the remaining 55% interest in Utkal.
Author: Andy Hoffman, Globe and Mail [Canada]
Alcan Inc. is pulling out of a controversial project in India, suggesting plans for a bauxite mine and alumina refinery are too risky for the Montreal company, considering its lack of control over the venture...The Utkal project has been marred by conflict with local residents opposed to its construction, which would require the displacement of three villages and at least 200 families…Alcan's partner in the project, which is still in the engineering stage, is Hindalco…