BENGALURU, May 8 (Reuters) - Hindalco Industries

, owned by Indian billionare Kumar Mangalam Birla, is

considering seeking about $1.2 billion in the initial public

offering of its U.S.-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.

Novelis, the world's leading producer of flat-rolled

aluminum products, said in late February that it had

confidentially filed paperwork for a U.S. IPO, with sole

stakeholder Hindalco selling shares.

Bank of America, Citigroup are among banks working for

Novelis' listing, Bloomberg reported. It did not mention how

much stake Hindalco planned to sell.