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Monday, 13 December 10
NALCO TO START WORK ON RS 18K CR ($ 4,010,695,091) INDONESIAN PROJECT BY JUNE - MSN


MSN reported that, State-owned NALCO today said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore (US$ 4,010,695,091) aluminium-cum-power project in Indonesia and is looking at commencing work on it by June 2011.

The company proposes to set up 0.5 million tonne per annum (MTPA) aluminium smelter and 1,250 MW captive thermal power plant in East Kalimantan, Indonesia, part of its ongoing Rs 58,000 crore (US$ 12,923,350,851) capacity expansion plan.

"We have selected Ras-al Khaimah Minerals as one of the JV partners for the project, while others would be finalised soon. NALCO will have majority stake in the JV," NALCO''s Director Finance B L Bagra told PTI.

JV agreements are likely to be finalised in six months and the company hopes to start work on the projects by June 2011, Bagra said.

He also said that an Indonesian state-owned mining firm too has evinced interest in the project, which will have debt equity ratio of 70:30.

NALCO''s investment would be 15 per cent of the total project cost, while the JV partners would fund 15 per cent and the remaining 70 per cent would come through loans.

NALCO, which is Asia''s largest integrated aluminium complex, encompassing bauxite mining, alumina refining and aluminium smelting had inked a pact with Government of South Sumatra, Indonesia for the projects in January 2008.

However, the project remained stuck following delays in development of port at Tanjung Api-api and railway line in South Sumatra.

Later, Indonesian Investment Coordination Board gave approval for alternative location of the project in East Kalimantan.

While the company intends to import about one million tonne of alumina annually from its facilities in India to feed the aluminium smelter, it will procure coal for the captive power plant locally, for which it has already invited bids from coal companies.

The company needs about 10 MTPA of thermal grade coal, half of which will be to feed its East Kalimantan project and the rest for its energy requirement elsewhere.

The government holds 87.15 per cent stake in the PSU, which is undertaking about Rs 58,000 crore (US$  12,923,350,851) expansion project, which includes over Rs 16,000 crore (US$ 3,565,062,303) Orissa project for setting up a 5 MTPA smelter plant and 1,260 MW power plant.

It had a turnover of Rs 5,548 crore (US$ 1,236,185,353) in 2009-10, against Rs 5,631 crore (US$ 56,310,000,000) in the previous year. (1 USD = 44.8800 INR - www.xe.com)
Source: MSN



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