Mumbai, June 24 -- Hindalco Industries Ltd will buy out US-based AluChem Companies Inc., a manufacturer of speciality alumina, for $125 million as it ventures into high-tech alumina.

Saurabh Khedekar, chief executive officer of Alumina Business at Hindalco, said the acquisition will unlock synergies for Hindalco, including access to the US market and product portfolio expansion.

The acquisition will be carried out through Aditya Holdings LLC, a step-down wholly-owned subsidiary of Hindalco. It is expected to be completed by the upcoming quarter, subject to customary regulatory approvals.

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This would be the company's third acquisition of a metal comp...