Nalco, Iran Mines Body Plan Joint Task­force

The Economic Times - - Economy & Companies - Our Bu­reau

Kolkata: Na­tional Alu­minium Com­pany (Nalco) and Ira­nian Mines & Min­ing In­dus­tries Devel­op­ment & Ren­o­va­tion Or­ga­ni­za­tion (IMIDRO) will form a joint task force to fi­nalise plans for a pro­posed smelter and gas­based power plant in Chaba­har free trade zone, Iran. This is part of a joint ven­ture alu­minium com­pany pro­posed to be set up in Iran. The task force—com­pris­ing se­nior ex­ec­u­tives of Nalco, di­rec­tors of min­istry of in­dus­tries, the gov­ern­ment of Iran, and se­nior ex­ec­u­tives of Ira­nian Alu­minium Com­pany (IRALCO) —has been given three months’ time to sub­mit its re­port.

Based on the re­port, own­er­ship pat­tern, project fi­nanc­ing, long-term sup­ply of gas and other as­pects shall be de­cided, Nalco said in a state­ment is­sued by on Mon­day.

In­ci­den­tally, Nalco chair­man TK Chand is in Iran as part of an In­dian busi­ness del­e­ga­tion, which is be­ing led by Dhar­men­dra Prad­han, Union min­is­ter for petroleum and nat­u­ral gas. Dur­ing the visit, Chand held dis­cus­sions with deputy min­is­ter of in­dus­try, mines & trade, gov­ern­ment of Iran, chair­man of IMIDRO and top of­fi­cials of Iran gov­ern­ment and other alu­minium com­pa­nies.

“The project would help Nalco use low-cost energy avail­able in Iran for con­ver­sion of its alu­mina, cur­rently ex­ported to in­ter­na­tional mar­kets, into alu­minium. The alu­minium prod­ucts from the joint ven­ture com­pany are ex­pected to be highly cost-com­pet­i­tive com­bin­ing the ad­van­tages of low­cost Nalco alu­mina and low-cost Ira­nian energy,” Chand said. A team from IMIDRO is likely to visit Nalco shortly.

This is part of a joint ven­ture alu­minium com­pany pro­posed to be set up in Iran

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