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Mumbai, Dec 22

National Aluminium Co Ltd (Nalco) has entered in a memorandum of understanding (MoU) with United Arab Emirates (UAE) based Rak Minerals & Metals Investments (RMMI) for setting up smelter in the new aluminium project in Indonesia. Without divulging investment details of the UAE company, a Nalco official said, “RMMI will pick up 24 per cent stake for setting up 5-lakh tonne smelter.” Nalco will invest Rs 14,000 crore in the aluminium project, which includes a 1,250 MW captive power plant. Against this background, the schedules of construction of port and rail corridor by RMMI and smelter and power plant by Nalco would be synergised more efficiently through the joint venture, Nalco said in a press statement to BSE. While operations of the proposed smelter would leverage on RMMI’s transport infrastructure in South Sumatra, the MoU also envisages actively scouting for other viable locations in Indonesia. Nalco shares on BSE touched a high of Rs 192 before closing flat at Rs 186. —

Our Bureau

More Stories on : Alliances & Joint Ventures | Overseas Investments | Aluminium | National Aluminium Co. Ltd

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