Hindalco Industries, owned by billionare Kumar Mangalam Birla, is considering seeking about $1.2 billion in the initial public offering of its US-based unit Novelis, Bloomberg News reported on Wednesday.

Hindalco, one of India’s largest aluminium and copper producers, may target a valuation of about $18 billion for Novelis, which the Birla group will seek to list on the New York Stock Exchange by September, the report added, citing people familiar with the matter.

Hindalco declined to comment on the report, while Novelis did not immediately respond to Reuters’ request for comment.

Novelis, the world’s leading producer of flat-rolled aluminum products, said in late February that it had confidentially filed paperwork for a US IPO, with sole stakeholder Hindalco selling shares.

Bank of America and Citigroup are among the banks working on the listing, Bloomberg reported. It did not mention how much stake Hindalco planned to sell.

Earlier this week, Novelis reported a rise in its fourth-quarter core profit on strong aluminium demand and higher prices, with the long-term outlook for the company’s earnings expected to increase further, according to analysts. Net income attributable to its common shareholder was up 6 per cent to $166 million.

Net sales fell 7 per cent to $4.1 billion, driven by lower average aluminium prices, partially offset by higher total shipments. Shares of Hindalco settled 2.2 per cent higher after the report. The company will report quarterly earnings this month.