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Share-Based Compensation (Tables)
 6 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Total compensation expense related to SARs and RSUs under the long term incentive plans
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
 
2014
 
2013
 
2014
 
2013
Total compensation expense
 
$
3

 
$
4

 
$
7

 
$
17
Hindalco and Novelis SARs activity and RSUs
The table below shows the RSUs activity for the six months ended September 30, 2014.
 
 
Number of
RSUs
 
Grant Date Fair
Value
(in Indian Rupees)
 
Aggregate
Intrinsic
Value (USD
in millions)
RSUs outstanding as of March 31, 2014
 
4,490,860

 
120.42

 
$
11

Granted
 
1,488,960

 
145.50

 
—

Exercised
 
(744,386
)
 
181.59

 
—

Forfeited/Cancelled
 
(164,212
)
 
129.38

 
—

RSUs outstanding as of September 30, 2014
 
5,071,222

 
118.50

 
$
14


    
The table below shows the Hindalco SARs activity for the six months ended September 30, 2014.
 
 
Number of
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, 2014
 
21,635,392

 
112.26

 
4.3

 
$
13

Granted
 
4,981,611

 
145.50

 
6.6

 
—

Exercised
 
(5,199,644
)
 
90.56

 
—

 
—

Forfeited/Cancelled
 
(1,074,951
)
 
129.04

 
—

 
—

SARs outstanding as of September 30, 2014
 
20,342,408

 
125.06

 
4.8

 
$
13

SARs exercisable as of September 30, 2014
 
7,188,545

 
125.66

 
3.1

 
$
5

 
The table below shows the Novelis SARs activity for the six months ended September 30, 2014.
 
 
Number of
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, 2014
 
668,402

 
$
90.09

 
5.3

 
$
2

Granted
 
384,896

 
94.40

 
6.6

 
—

Exercised
 
(20,720
)
 
72.00

 
—

 
—

Forfeited/Cancelled
 
(51,629
)
 
86.85

 
—

 
—

SARs outstanding as of September 30, 2014
 
980,949

 
$
92.33

 
5.6

 
$
3

SARs exercisable as of September 30, 2014
 
211,768

 
$
89.31

 
4.6

 
$
2
Assumptions used in estimating fair value of each SAR under 2013 LTIP, 2012 LTIP, 2011 LTIP, 2010 LTIP, 2009 LTIP
The fair value of each unvested Hindalco SAR was estimated using the following assumptions:
 
 
Six Months Ended September 30,
 
 
2014
 
2013
Risk-free interest rate
 
8.43% - 8.73%

 
8.72% - 9.07%

Dividend yield
 
0.64
%
 
1.25
%
Volatility
 
41% - 54%

 
36% - 51%


The fair value of each unvested Novelis SAR was estimated using the following assumptions:
 
 
Six Months Ended September 30,
 
 
2014
 
2013
Risk-free interest rate
 
1.29% - 2.13%

 
0.89% - 1.90%

Dividend yield
 
—
%
 
—
%
Volatility
 
29% - 43%

 
29% - 41%