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Gujarat Foils Withdraws Bid For Alumina Project
Dec 8, 2010 11:01Source:SMM
MUMBAI, Dec. 8 -- India's Gujarat Foils Ltd. (531410.BY) Tuesday said it has withdrawn its bid to build a one million metric ton a year alumina refinery and a 500,000 ton a year aluminum smelter for Gujarat Mineral Development Corp. Ltd. (532181.BY).
"Due to certain strategic reasons, GFL would not be pursuing the proposed expression of interest further," the company said in a filing to the Bombay Stock Exchange.
Last week, Gujarat Foils said it had jointly bid with Russia's United Co. Rusal PLC (0486.HK) to set up the $3 billion project in western India.
Hong Kong-listed UC Rusal denied any move to bid for the project.
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