India's state-owned aluminum producer National Aluminium Co. plans todevelop a 1,400 MW nuclear power plant in Gujarat in collaboration withstate-owned Nuclear Power Corp. of India Ltd. as part of its strategy todiversify into the power sector.
A company official said the project would require an investment of $2.69billion and Nalco's share would be around $382 million. The official said the nuclear project would comprise two 700 MW units butdid not provide further details on the time frame for the project.
Nalco, India's largest aluminum maker has identified the power sector asa key growth area and the company recently said its new vision statement is"to be a reputed global company in the metals and energy sectors." Nalco Chairman A.K. Srivastava recently told shareholders that thecompany wants "to transform from being only an aluminum producer to become ametal producer and energy provider."
The company also plans to develop a 50-MW wind farm but the location hasnot been finalized. At present, Nalco owns coal-fired power plants totaling 1,200 MW and mostof the output is used for its captive consumption. Nalco plans to develop hydropower plants in Orissa, northeastern Indiaand Nepal. The company also plans to develop a 1,250 MW coal-fired plant inSumatra, Indonesia along with a 500,000 mt/year aluminum smelter.
At present, Nalco can annually refine 2.1 million mt of alumina, produce460,000 mt of aluminum and mine 6.3 million mt of bauxite. The Indian government owns 87% of Nalco while the rest of the shares areheld by retail and institutional investors.
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