NEW DELHI, April 12 (Bernama) -- India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter and a coal-fired power plant in Indonesia.
The Indonesian government is said to have approved the Indian company's multi-million dollar investment project in the coal-rich East Kalimantan region, said media reports.
"We have projected an investment of around Rs1,500 crores (RM1.05 billion) a year in Indonesia, starting 2012-13.
"The investment will be made in tranches and the amount will go up in step with the progress of the project,“ A.K. Srivastava, Nalco chairman and managing director, was quoted by the Economic Times in Kolkata.
Nalco is planning to set up a 500,000 metric tonne smelter and a 1,250MW coal-fired power plant in East Kalimantan in the next 48 months.
Investment in the green field projects, to build both the plants, is estimated to cost Nalco nearly US$3 billion (RM10.5 billion).
The public sector unit, under India's Ministry of Mines, signed a MoU with the Indonesian government in January 2008 to initiate the project.
Nalco will collaborate with the United Arab Emirates' RAK Minerals & Metals to develop port facilities and rail corridor in Indonesia to transport the coal, said Srivastava.
The Orissa-based company produces nearly 400,000 metric tonnes of metal a year, making it the third largest aluminium maker in India.
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