Release: NALCO-RMMI pact for Indonesia project

(Bhubaneswar, 20.12.08)--National Aluminium Co. Ltd. (NALCO) a Navratna Company and India?s largest integrated aluminium producer and exporter has entered into a MoU with Rak Minerals & Metals Investments (RMMI), under which RMMI will have 24 percent stake in Nalco?s new aluminium project in Indonesia

Earlier in January 2008, NALCO had signed an MoU with the Govt of Indonesia to set up a 5-lakh tonne smelter and a 1250 MW captive power plant at an investment of Rs 14000 crore. Against this background, the schedules of construction of port and rail corridor by RMMI and smelter and power plant by Nalco would be synergized more efficiently through this joint venture.

While operations of the proposed smelter would leverage on RMMI?s transport infrastructures in South Sumatra, the MoU also envisages actively scouting for other viable locations in Indonesia. This joint venture is aimed to create synergic value for the two companies and will chance commitment to the project. (end of release)