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Nalco plans two joint ventures with US, Russia companies in Odisha

KalingaTV News Network

Nalco in Odisha
Pic Source: The Week

Bhubaneswar: National Aluminium Company Limited (NALCO) has planned to set up two joint ventures (JV) — one with US-based Almex and another with Russia’s Rusal — at the upcoming Angul Aluminium Park in Odisha, informed a senior company official.

The two JVs will manufacture special grade aluminium to be used in metro trains, e-vehicles, aerospace and automobile sector, Nalco Chairman and Managing Director T K Chand told PTI. Currently, this high-grade aluminium is not manufactured in the country.

However, Chand did not disclose the amount of investment on these two JVs, saying Nalco will keep 40 per cent stake and the remaining will be with the two foreign firms.

“We will form JVs with Almex and Rusal as technology partners and another Indian entity as minority shareholder. Nalco will set up, run and get the new entity listed and then exit the venture by selling its stake to the local partner under a new BoT (build-operate-transfer) model for the sector,” Chand said.

Almex specialises in production of aerospace grade aluminium and Rusal is a major player in primary aluminium, aluminium alloys, foil and alumina.