NALCO may ink the joint venture agreement with Iran's Aluminum Smelter

Sep.21 MetalBiz--One top official with India's NALCO stated that in the incoming few months, the company may sign a joint venture agreement with Iran's Aluminum Smelter. NALCO planed to build up a smelting mill with 310,000 tons per year and a power plant co-operating with Iran's Kerman Development Organisation, and the project will take 80bln rupees (US$1.7bln). "Maybe we will ink the joint venture agreement in next one or two months," B.L. Bagra, finance executive of NALCO said that. In 2007, the company signed a memorandum of understanding with Kerman. NALCO is India's third-largest aluminum producer. By March of 2008/09, the company produced a total of 361,262 tons of aluminum.