NALCO seeks to set up $ 2.6 billion Iran aluminium complex
National Aluminium Co Ltd (NALCO) wants to set up an aluminium smelter and an associated power plant in Iran worth as much as $2.6 billion, its boss said, once sanctions against the country start to be lifted. Tapan Kumar Chand will meet with India’s foreign ministry officials and the ambassador of Iran in New Delhi to take things forward, he said since being appointed as the chairman-cum-managing director of NALCO. Chand said he would prefer a local partner who could supply cheap power to run a 1 million tonne per annum smelter in Iran. NALCO would source alumina as raw material for the plant from its refinery in the eastern Indian state of Odisha. NALCO’s plans provide further evidence of how business ties are increasing between the two countries.