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October 9, 2001

Alcoa and Nilkamal Plastics Group form joint venture

INDIANAPOLIS, IN, USA and MUMBAI, INDIA--October 9, 2001-- Alcoa Inc. announced today that its Alcoa Closure Systems International (Alcoa CSI) business and Nilkamal Plastics Group of Mumbai, India formed a joint venture to produce plastic closures to serve the rapidly growing beverage markets in India and Nepal. Terms were not disclosed. The new venture was recently granted foreign investment approval from the Nepal Department Of Industries to begin establishing the new plastic closure facility in Nepal. The plant will be in Hetauda, a border town between Nepal & India. Construction and equipment installation is expected to begin shortly.

Alcoa CSI is the global leader in beverage closure production and in the development of the rotary compression-molding process. Nilkamal Plastics, which is the largest moulded plastic crates & furniture manufacturer in Asia, has developed close ties with the Indian soft drink industry through its position as the leading supplier of plastic beverage crates to bottlers in Asia.

“We are very pleased to be partnering with Nilkamal,” said Ron Glah, president of Alcoa CSI, on announcing the new venture. “Nilkamal is an outstanding company that understands the dynamics of the beverage industry in Asia. They are also experts in plastic manufacturing, engineering and design. This venture allows Alcoa CSI to better serve our customers in an important region of the world that is experiencing double-digit market growth.”

Nayan Parekh, of Nilkamal, added, ”We are excited about the global resources, technical expertise and marketing network Alcoa offers as a partner. We look forward to working together with Alcoa CSI to rapidly expand our presence in the beverage industry throughout India and surrounding regions.”

Nilkamal is a publicly traded company that currently has four operating locations in India. Growing at a rate of over 60 percent annually over the last eight years, Nilkamal is ranked highly among the top 500 companies in India.

Alcoa is the world’s leading producer of primary aluminum, fabricated aluminum, and alumina. It is active in all segments of the industry: technology, mining, refining, smelting, fabricating and recycling. Related businesses include packaging machinery, precision castings, plastic bottles and closures, fiber optic cables, and electrical distribution systems for cars and trucks. Alcoa has 142,000 employees in 37 countries.

Alcoa CSI currently operates 41 plants in 21 countries. These facilities provide closures, packaging equipment and expert technical service to the soft drink, juice, bottled water, beer, isotonic, food and personal care markets.

For additional information, please contact:

Jeff Birk
Director of Marketing
Alcoa Closure Systems International Inc.
6625 Network Way, Suite 200
Indianapolis, IN 46278 USA
(317) 390-5074

Nayan Parekh
Director
Nilkamal Plastics Ltd.
77-78, Nilkamal House,
Road No. 13/14, MIDC
Marol, Andheri (E)
Mumbai - 400 093, India
Tel. No. (91-22) 8361366 / 8211172
Fax. (91-22) 8367891 / 8361923