Nalco shelves South Africa, Iran project



It had planned a  Rs 17,000-crore project in South Africa to set up a 5-lakh tonne aluminium smelter plant and a 1,250-MW power plant. However, both these projects have been abandoned now as the company has found that there is no sufficient coal in the offered reserves to feed the ventures, Nalco Director Finance B L Bagra told PTI.

The Nalco official has also informed that the company has put on hold the Rs 10,000-crore Iranian project, which involved setting up a 3.3-lakh tonne aluminium smelter plant and an 800-MW power station, as the company has so far been unable to tie up funds for the project.

“In Iran, we are still not able to tie up funds for the project. The project, thus, is currently on hold,” Bagra said, adding, however, that the company is still in the process of securing finances for the project. But did not name the prospective lenders with whom the firm is in talks. Meanwhile, Nalco said it is going ahead with its project in Indonesia .

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