Date:14/02/2007 URL: http://www.thehindubusinessline.com/2007/02/14/stories/2007021400901300.htm

`Hindalco, Vodafone deals reflect resilience of economy'

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New Delhi Feb. 13 The Union Minister for Commerce and Industry, Mr Kamal Nath, hassaid that Hindalco's acquisition of Canadian aluminium major Novelis and the entry of Vodafone into India as a major player in the telecom sector reflect the growing global confidence in the country's economy.

"The latest mergers and acquisitions reflect the growing global confidence in India, its strong fundamentals and the resilience of the Indian economy," Mr Nath told reporters here.

Stating that these "developments underline the value creation by Indian ventures, which are now being recognised by the world," the Minister said that Hindalco's acquisition of Novelis would create market access and new opportunities for the Indian company.