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Nalco's Rs 10,000-cr Iran aluminium project remains a non-starter
Edited by : AL CIRCLE
1 min read
Nalco's plans to spread its arms across the globe aren't taking shape the way it had expected them to. The company's Rs 10,000-crore project to set up a 310,000-tonne aluminium smelter and a 750-Mw power plant in Iran continues to languish due to paucity of funds.
"The geo-political situation in Iran is not favourable, due to which we have not been able to proceed with the financial closure for the project," said B L Bagra, acting chairman and managing director, and director (finance).
This is not the first overseas project of Nalco to hit a roadblock. Around the same time when the Iran project was announced, the company spoke of setting up aluminium smelters in South Africa and Saudi Arabia. The African project was a Rs 15,000 crore, half a million tonne smelter, and a 1,250-Mw power plant.
"The geo-political situation in Iran is not favourable, due to which we have not been able to proceed with the financial closure for the project," said B L Bagra, acting chairman and managing director, and director (finance).
This is not the first overseas project of Nalco to hit a roadblock. Around the same time when the Iran project was announced, the company spoke of setting up aluminium smelters in South Africa and Saudi Arabia. The African project was a Rs 15,000 crore, half a million tonne smelter, and a 1,250-Mw power plant.
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