Nalco to raise $211 m in foreign debt

Mumbai: National Aluminium Company Ltd plans to raise 150 million euros ($211.3 million) in foreign debt to fund its expansion activities, the state-run aluminium maker said. "Quite a few banks and merchant bankers have responded to the bids invited by us," Chairman C.R. Pradhan said in a statement over the weekend. Nalco is spending Rs 5003 crore ($1.3 billion) to raise the capacities in its bauxite mines, alumina refinery, aluminium smelter and captive power plant, it said in the statement.