Canadian aluminum producer Alcan is acquiring 76% of the shares of Alukbond India Private Ltd. to expand and localize production of its aluminum composite materials brand. Alukbond India Private Ltd., which is headquartered in Mumbai and had 2006 revenues of under $5 million, will be renamed Alcan Composites India Private Ltd. According to Alcan, the acquisition will allow it to expand production of its Alucobond brand and extend its reach in the Indian building and retail construction markets.

This deal comes after recent activity surrounding Alcan’s rejection of a $27.4 billion hostile takeover bid from U.S. rival Alcoa. Alcan said recently it would consider turning the tables and trying to buy Alcoa and is also in talks with other companies.