NALCO's overseas projects worth Rs.27,000 crores (USD 5.5 billion) to face delays

National Aluminium Company's (NALCO) Rs.27,000 crore (USD 5.5billion) foreign projects may take some time to start, as the company is yet to attain financial closure amid the global economic slowdown. As the proposed projects are set to be delayed. NALCO apprehends their costs to escalate or subside, depending on the market conditions. The company is yet to achieve financial closure for its 5 lakh tpa and 3.30 lakh tpa aluminium smelter projects in Indonesia and Iran respectively. At present, NALCO is holding discussions within the company to secure finances. The company's proposed aluminium smelter in South Africa is also bearing the brunt of global meltdown as aluminium prices have plummeted up to 60 per cent from the peak levels of the last year. However, NALCO expects to complete the projects in 32-36 months once they commence work. ---Your Industry News