US aluminum maker Novelis, owned by Hindalco, has agreed to sell two of its Chinese units to Shenzhen Hongqi Industrial Investment for $265 million, Reuters reported. The deal also includes additional payments of up to $10 million if certain conditions are met. The deal is expected to close within 12 months of receiving regulatory approvals.

US aluminum maker Novelis, owned by Hindalco, has agreed to sell two of its Chinese units to Shenzhen Hongqi Industrial Investment for $265 million, Reuters reported. The deal also includes additional payments of up to $10 million if certain conditions are met. The deal is expected to close within 12 months of receiving regulatory approvals.