NALCO to set up overseas plant, invest 15,000 cr

Kolkata, Dec 18: NALCO is trying to rope in Indonesian government to set up an overseas alluminium plant in joint venture partnership with an investment of around Rs 15,000 crore.

Speaking to mediapersons in the sidelines of an award presentation ceremony organised by EEPC, NALCO Chairman cum Managing Director C R Pradhan here today said, ''The company has shortlisted two to three overseas locations like Gulf countries, Malayasia and Tazakistan and Indonesia.

Among these, we have progressed our discussions with Indonesian government. We will finalise the proposal by end of this financial year as per the Union government's directions.'' Mr Pradhan said, ''The government has asked the company to set up the overseas project in joint venture partnership with some government agencies. We are at the final stage of discussion with Indonesian government.'' National Alluminium Company (NALCO) would set up a smelter and captive power plant in the oversaes location. The total capacity of the plant would be around 2.5 lakh tonnes per annum. This project would be funded through internal accruals and debt.

The company has already chalked out a mega investment plan of Rs 4,091 crore. This project include a 1200 MW power plant, mines and a smelter plant. This expansion would be funded through internal accruals only. The total reserve of the company stands at Rs 4,000 crore.

''We want to increase the total alluminium production to 4.6 lakh tonnes. We have taken up the expansion project to reach this target,'' he said.

The turnover of the company in 2005-06 was Rs 5,300 crore. The net profit of the company in the fist half of the current fiscal was Rs 1200 crore and the turnover was Rs 2800 crore.

UNI