"The company registered a commendable improvement in the liquidity over the past year. Its liquidity surpassed $1 billion on the back of strong operational flows,the bond issuance and increased gross borrowing. Free cash flow went from a negative $352 million in financial year 2008-09 to a positive $355 million this year. Novelis is on the track to achieving its target of $1 billion adjusted Ebitda," Birla said.