Last Updated :
16 November 2009 at 20:15 IST
India’s aluminium major drops SA project
NEW DELHI (Commodity Online): India’s Aluminium major Nalco has ecided to block investments worth Rs 27,000-crore in South Africa and Iran.
Nalco 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 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, Nalco is still not able to tie up funds for the project. The project, thus, is currently on hold.
Meanwhile, Nalco said it is going ahead with its Rs 17,000-project in Indonesia to set up 5-lakh tonne aluminium smelter and 1,250-MW power plant.
NCDEX SILVERJUL2012 03 July 2012
contract was trading at
Rs 0 . What's your view on it?
After reading this article, people also read:
