Nalco aluminium park swamped with uncertainty

The proposed aluminium park of National Aluminium Company (Nalco) at Angul in Orissa has run into ambiguity with the state government unwilling to join the project as a joint venture partner, reports Business Standard. It is learnt that the project was initially pictured as a joint venture between Nalco (Q, N,C,F)* and the Industrial Infrastructure Development Corporation of Orissa (Idco), the state government now wants the company to set up the aluminium park on its own. To coerce the company to agree to the proposal of taking up the full responsibility of developing the property, the state government even put this as an informal condition for approval of the company`s proposal to set up a Rs 163.45 billion greenfield integrated aluminium project at Jharsuguda by the State Level Single Window Clearance Authority. Shares of the company closed down Rs 13.3, or 3.73%, at Rs 343.50. The total volume of shares traded at the BSE was 113,913 (Thursday). 　　source：www.myiris.com