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| Nalco, Idco launch JV co for aluminium park |
| BS Reporter / Kolkata/ Bhubaneswar Aug 02, 2010, 00:44 IST |
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National Aluminium Company Limited (Nalco) and the state owned Industrial Infrastructure Development Corporation (Idco) have launched a joint venture company to set up an aluminium park at Angul.
The new company, Angul Aluminium Park Pvt, will set up a aluminium downstream and ancillary complex over 200 acres of land adjacent to the Nalco’s smelter plant at Angul.
While Idco will hold 50.5 per cent stake in the new company, the rest 49.5 per cent shares will be held by Nalco.
The complex, which will be developed at an estimated cost of Rs 75 crore, will house units for manufacture of caustic soda, calcinated petroleum coke, coal tar pitch, aluminium fluoride, aluminium conductors, aluminium casting, extrusion, slugs and circles etc. Efforts are being made for supply of hot metal directly from the Nalco smelter to these processing units in the park so that they can save enormously on transportation and power consumption.
The MoU for the project was singed in September, 2009. Apart from funds, both the joint venture partners will lend their expertise and strength for successful operation of the park.
With a number of mega metal processing industries in the pipeline in, the state government is focusing on development of industrial clusters at some locations to benefit SMEs in tapping the downstream and ancillary potentials to be offered by these large industries.
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