New Delhi, Nov. 15 -- Hindalco Industries on Sunday said Novelis Inc., its US-based subsidiary, has agreed to sell two Chinese subsidiaries for about USD 265 million. The proposed sale includes the subsidiary that operates Novelis's automotive aluminium plant in Changzhou, China.

The deal also provides for an additional USD 10 million payment if specified conditions are met. The two subsidiaries together accounted for about 1 per cent of Hindalco's consolidated net sales in FY26.

Novelis signed the agreement on Saturday to sell Novelis (China) Aluminum Products Co Ltd and Novelis (Shanghai) Aluminum Trading Co Ltd to Shenzhen Hongzhi Industrial Investment Co Ltd and/or one or more of its affiliates, Hindalco said in a stock exchange fil...