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May 5, 2001
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Money > Business Headlines > Report May 5, 2001 |
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Nalco in JV talks with Gulf companiesRumi Dutta & Indira Vergis The state-owned National Aluminium Company is set to spread its wings abroad. This is the first time that an Indian metals company is planning to set up capacities overseas. The company is in talks with players in the Gulf for setting up a joint venture. The hitch, however, is in sourcing cheap power, which is a critical to aluminum production. Chairman and managing director, P Parvathisem said, "We have been in talks with international players in the Gulf countries such as Qatar and Iran for quiet sometime but the power tariff has been the hitch. We are in an advanced stage of discussion but most importantly the power tariff agreement is yet to be finalised." Internationally, the accepted power cost ranges between 2 and 3 cents per unit. Now if Nalco is offered power in this range then the company would be interested in going ahead with the venture, he said. Another reason for the company planning to foray abroad is that it exports about 50 per cent of its alumina production. If the joint venture works out then Nalco can export alumina to it. Nalco, which is already competitive in the Indian market, may also put up a smelter out there to further enhance its competitive edge internationally. According to analysts, the company has a fair chance to emerge competitive in the international market only if it manages to get cheap power. Powered by YOU MAY ALSO WANT TO READ:
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