New Delhi: India's state-run aluminum major National Aluminium Co Ltd's (NALCO) proposal to establish Rs 165 billion aluminium smelter and captive power plant in Indonesia has received an approval from the Indonesian Investment Coordination Board, Minister of Mines (Independent Charge) Dinsha J Patel said.
The company has signed a non-binding Memorandum of Understanding (MoU) with the Government of East Kalimantan to develop the project in East Kalimantan Province of Indonesia, Patel said Monday in a written reply to the Rajya Sabha, the Upper House of the Indian Parliament.
The aluminum major has prepared the detailed feasibility report for the project and land for the project has been identified in East Kalimantan Province, he said, adding the company has also short-listed consultants for environment impact assessment and financial advisory services.
Earlier, last month, NALCO Chairman B L Bagra had told the Press Trust of India that the company plans to invest Rs 180 billion to establish an aluminium smelting unit, having 500,000 tonnes capacity, and 1,250 megawatt (MW) captive power plant at Sundargarh district in Odisha.
According to the Budget 2012-13 document, NALCO intends to invest Rs 23.43 billion in the current fiscal to augment output, 76% more than the last fiscal's (2011-12) planned capital expenditure of Rs 13.33 billion.