New Delhi, Jan 9 (PTI) US-based Novelis Inc, which is part of Hindalco Industries, on Thursday said its indirect wholly-owned arm plans to raise USD 750 million through issuance of bonds.

Novelis intends to use the net proceeds from the proposed offering to repay USD 738 million of outstanding debt and any remaining proceeds to fund cash on its balance sheet.

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"Novelis Inc...today announced that its indirect wholly-owned subsidiary Novelis Corporation has priced an offering of USD 750 million aggregate principal amount of 6.875 per cent senior notes due in January 2030, which represents an increase of USD 250 million from the offering size previously announced," it informed the bourses.

Novelis Inc, a sustainable aluminum solutions provider, had reported an 18 per cent decline in net income at USD 128 million in the September quarter of 2024-25.

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The firm, which deals in aluminium rolled products, had reported a net income of USD 157 million in the same period of the preceding financial year, the company had said in a filing to BSE.

"Net income attributable to our common shareholder decreased 18 per cent versus the prior year to USD 128 million in the second quarter of fiscal year 2025," the filing had said.

Net sales for the second quarter rose by 4.5 per cent to USD 4,295 million from USD 4,107 million in the year-ago period, mainly driven by higher average aluminium prices and a one per cent rise in total flat rolled product shipments to 945 kilo tonnes.

"Our global footprint allowed us to achieve record beverage packaging shipments in the quarter and also mitigate the impact to customers from the flooding-related outage at Sierre," Steve Fisher, President and CEO, Novelis Inc, had earlier said.

"We are more focused than ever on diligently managing the balance sheet as we continue to progress the growth investments we have underway and navigate shifting market dynamics," Devinder Ahuja, executive vice president and CFO, Novelis Inc, had said.

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