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MONTREAL, July 18 (Reuters) - Alcan said on Wednesday that it has reached an agreement with Hindalco Industries to sell a 45% stake in Utkal Alumina International, a joint venture.
Alcan said in April that it plans to sell Utkal's stake. Alcan is the target of a $38 billion goodwill M&A offer from Australian mining giant Rio Tinto.
Alcan did not disclose the specific terms of the transaction, which is expected to be completed in the third quarter of 2007. Hindalco holds an additional 55% stake in Utkal, a joint venture established in 1992 to develop new bauxite mines and smelting in India.
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