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21 MARCH 2018 AL CIRCLE

Nalco and Almex plan JV for INR 25 billion auto-grade aluminium unit

EDITED BY : HEENA IQBAL 1MINS READ

Nalco has firmed up plans to form a joint venture and Ontario (Canada) based Almex at the upcoming Angul Aluminium Park in Odisha for the production of auto-grade aluminium. The unit with INR 25 billion investment will be set up on 50 acres at the park.

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“Almex has responded to our EoI (Expression of Interest). Our JV with them is aimed at production of auto-grade aluminium and also of special alloys that find applications in aerospace. In India, aluminium makes its way into barely 300 applications compared with over 3,000 applications worldwide. Nalco will have the majority equity in the JV. Financial institutions could also have stake in the project,” said T K Chand, chairman and managing director of Nalco.

Angul Aluminium Park is a joint venture between Navratna firm National Aluminium Company (Nalco) and state-owned Odisha Industrial Infrastructure Development Corporation (IDCO).  

The unit will have an annual production capacity of 60,000 tonnes. Nalco has committed a supply of 50,000 tonnes of molten aluminium per annum for downstream units at the park for a period of 20 years.


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EDITED BY : HEENA IQBAL 1MINS READ

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