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Share-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Total compensation expense related to SARs and RSUs under the long term incentive plans

 
 
Year Ended March 31,
 
 
2014
 
2013
 
2012
Total compensation (income) expense
 
$
27

 
$
(3
)
 
$
1
RSUs activity and SARs activity under LTIP
The table below shows the RSUs activity for the year ended March 31, 2014.
 
 
Number of
RSUs
 
Grant Date Fair
Value
(in Indian Rupees)
 
Aggregate
Intrinsic
Value (USD
in millions)
RSUs outstanding as of March 31, 2013
 
3,591,406

 
136.22

 
$
5

Granted
 
2,154,629

 
105.38

 
1

Exercised
 
(853,574
)
 
111.51

 
—

Forfeited/Cancelled
 
(401,601
)
 
119.63

 
—

RSUs outstanding as of March 31, 2014
 
4,490,860

 
120.42

 
$
11

 
The table below shows Hindalco SARs activity for the year ended March 31, 2014.
 
 
Number of
Hindalco SARs
 
Weighted
Average
Exercise Price
(in Indian Rupees)
 
Weighted Average
Remaining
Contractual Term
(In years)
 
Aggregate
Intrinsic
Value (USD
in millions)
SARs outstanding as of March 31, 2013
 
38,971,573

 
120.40

 
4.8

 
$
2

Granted
 
7,620,976

 
105.56

 
6.0

 
5

Exercised
 
(1,338,161
)
 
75.45

 
—

 
(1
)
Forfeited/Cancelled
 
(23,618,996
)
 
123.44

 
—

 
—

SARs outstanding as of March 31, 2014
 
21,635,392

 
112.26

 
4.3

 
13

SARs exercisable as of March 31, 2014
 
8,752,667

 
106.54

 
—

 
$
—


    
The table below shows the Novelis SARs activity for the year ended March 31, 2014.

 
 
Number of
Novelis SARs
 
Weighted
Average
Exercise Price
(in USD)
 
Weighted Average
Remaining
Contractual Term
(In years)
 
Aggregate
Intrinsic
Value (USD
in millions)
SARs outstanding as of March 31, 2013
 
—

 
—

 
—

 
$
—

Granted
 
721,248

 
90.01

 
5.3

 
1

Exercised
 
(3,598
)
 
85.60

 
—

 
—

Forfeited/Cancelled
 
(49,248
)
 
89.21

 
—

 
—

SARs outstanding as of March 31, 2014
 
668,402

 
90.09

 
5.3

 
2

SARs exercisable as of March 31, 2014
 
37,746

 
101.81

 
—

 
$
—
Assumptions used in estimating fair value of each SAR under LTIP
The fair value of each unvested Hindalco SAR was estimated using the following assumptions:
 
 
Year ended March 31,
 
 
2014
 
2013
 
2012
Risk-free interest rate
 
8.67% - 8.96%

 
7.84% - 7.96%

 
8.27% - 8.60%

Dividend yield
 
0.99
%
 
1.69
%
 
1.04
%
Volatility
 
37% - 51%

 
37% - 52%

 
47% - 57%


The fair value of each unvested Novelis SAR was estimated using the following assumptions:
 
 
Year ended March 31,
 
 
2014
 
2013
 
2012
Risk-free interest rate
 
0.96% - 2.05%

 
—
%
 
—
%
Dividend yield
 
—
%
 
—
%
 
—
%
Volatility
 
28% - 41%

 
—
%
 
—
%