By IANS,
Bhubaneswar : India’s second largest producer of aluminium National Aluminium Co Ltd (Nalco) Wednesday announced that it would invest around Rs.400 billion ($9.5 billion) in the next five years in its various expansion projects.
The projects include smelter and power Projects in Indonesia, South Africa and Iran. Besides, Nalco is planning brownfield and greenfield growth projects within the country, the company said here.
Earlier this year, Nalco signed a deal with Indonesia to set up a 500,000-tonne smelter and a 1,250 mw captive power plant in that country. Nalco plans to invest around Rs.140 billion in this greenfield project, it said.
Nalco is also exploring the possibilities of setting up a smelter and power plant in South Africa at an investment of around Rs.160 billion. In Iran, a 310,000-tonne smelter has been planned.
The company added that it has also plans to set up new projects in the country. A mines and refinery complex is being planned in Andhra Pradesh. A draft memorandum of understanding (MoU) is under negotiation with the Andhra Pradesh government for implementing the Rs.70 billion project.
In Orissa, a smelter and power complex has been planned in Jharsuguda district at an investment of Rs.85 billion. Nalco also plans to set up an aluminium park in Angul, as a joint venture with Orissa Industrial Infrastructure Development Corp (IDCO).
Bharat Earth Movers Ltd (BEML) and Nalco have reached an agreement to collaborate for the production of aluminium rail wagons, the company added.
As per the agreement, the products would be jointly developed by these two leading PSUs and Nalco would supply the aluminium extrusions after conversion from its billets and ingots through a third party.
The company added that it would develop a cement unit at Angul power plant. The project will involve an investment of Rs.3 billion.
The company officials have said Nalco now enjoys more managerial powers and commercial autonomy to chart its own course in the world market after it was accorded Navratna status by the central government recently.