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Reports are circulating that India’s Hindalco Industries Ltd. is bidding for Beachwood-based Aleris Corp., which produces aluminum for aerospace, defense, automotive and construction markets.

Bloomberg reports that Mumbai-based Hindalco made a non-binding offer through its U.S. unit, Novelis Inc., and will now conduct due diligence on a deal that’s expected to carry a value of $2.5 billion, including debt. The India Times reported that other buyers might emerge, igniting a bidding war for Aleris.

In November, a $2.3 billion merger agreement between Aleris and Zhongwang USA was allowed to expire, largely because of regulatory apprehension.

Aleris is owned by Oaktree Capital Group LLC and Apollo Global Management LLC.