16 AUG, 2012, RAKHI MAZUMDAR, ET BUREAU
KOLKATA: National Aluminium Company (Nalco) has decided to put its proposed smelter-cum-thermal power project in Indonesia on hold. The country's largest state owned aluminium company has been pursuing plans to invest nearly Rs 16,000 crore set up a aluminium smelter in Indonesia.
The company had planns to set up a 0.5 million tonnes per annum capacity aluminium smelter in East Kalimantan area of Indonesia and also has plans to set up a 1,250 MW coal fired captive power plant to feed the smelter.
The company had identified a coal mining company to source coal on a long term basis, through competitive bidding and after conducting a due diligence.
Nalco's plan in Indonesia was driven by availability of good quality coal at an economic price. However the project has been facing problems and has got delayed, Nalco chairman cum managing director BL Bagra said recently. "The project has got delayed, mainly because the coal company has not been able to achieve financial closure for their project.
Further, the coal mining company is undergoing a restructuring in its ownership. In view of these uncertainties, your company has put the project proposal on hold," Mr Bagra said at the company's 31 stannual general meeting recently.
KOLKATA: National Aluminium Company (Nalco) has decided to put its proposed smelter-cum-thermal power project in Indonesia on hold. The country's largest state owned aluminium company has been pursuing plans to invest nearly Rs 16,000 crore set up a aluminium smelter in Indonesia.
The company had planns to set up a 0.5 million tonnes per annum capacity aluminium smelter in East Kalimantan area of Indonesia and also has plans to set up a 1,250 MW coal fired captive power plant to feed the smelter.
The company had identified a coal mining company to source coal on a long term basis, through competitive bidding and after conducting a due diligence.
Nalco's plan in Indonesia was driven by availability of good quality coal at an economic price. However the project has been facing problems and has got delayed, Nalco chairman cum managing director BL Bagra said recently. "The project has got delayed, mainly because the coal company has not been able to achieve financial closure for their project.
Further, the coal mining company is undergoing a restructuring in its ownership. In view of these uncertainties, your company has put the project proposal on hold," Mr Bagra said at the company's 31 stannual general meeting recently.
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