Nalco to set up smelter, power plant in Indonesia

National Aluminium Co (Nalco) signed an agreement for setting up a half-a-million tonne per annum aluminium smelter and a 1,250-MW coal-based power plant in Indonesia’s East Kalimantan province at an investment of $4.5 billion. A memorandum of understanding in this regard was initialed. The investment by the Indian aluminium giant will be deployed through a Nalco led joint venture, in which it will have majority 75% equity. The remaining equity in the JV will be held by a local coal mining firm. The aluminium raw material for the project will be sourced from Nalco’s operations in India.