NALCO may sign Iran joint venture soon

State-run National Aluminium Co Ltd (NALCO) is likely to sign a joint venture agreement for a greenfield aluminium smelter in Iran in the next few months. NALCO plans to build a 310,000 tonne smelter and a power plant in Iran with Iran's Kerman Development Organisation in a project that would cost it 80 billion rupees ($1.7 billion). The company had had signed a memorandum of understanding with Kerman in 2007.