NALCO signs MoU with Iran to set up smelter plant in Chabahar
The National Aluminium Company Limited (NALCO) has signed a MoU with Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
The signing of the MoU coincided with the official two days state visit of Prime Minister Narendra Modi to Iran.
- The MoU was signed to explore the possibility of setting up smelter- cum-gas based power plant on joint venture in Iran for the proposed smelter plant in Chabahar Free Trade Zone.
- For the proposed smelter plant NALCO will supply alumina from its refinery in India.
- The MoU envisages tolling arrangement with existing smelters in Iran for producing aluminium and also proposes to look into other businesses.
- It also envisages setting up of a joint taskforce comprising NALCO and IMIDRO experts to work out the details of the project.
NALCO is public sector enterprise of the Union Ministry of Mines incorporated 1981. It is Asia’s largest, and the sixth largest, integrated aluminium complex in the world. Its business encompasses alumina refining, bauxite mining, aluminium smelting and casting, power generation, rail and port operations.
Categories: Business & Economy Current Affairs 2017