An Indian conglomerate is considering a multibillion bid for aluminium products maker Novelis Inc., according to Indian news reports.

Novelis in late Friday trading confirmed that it is holding talks involving a potential sale of the company. Shares jumped 24 percent on the news, though the company did not name any possible buyers and said it cannot make any assurances that a transaction will occur.

Indian newspapers say Aditya Birla group could pay $5 billion to $6 billion for the Atlanta based company.

JPMorgan Securities Inc. analyst Michael F. Gambardella in a client note dated Friday upgraded Novelis to "Neutral" from "Underweight" on the confirmed takeover talks.