KOLKATA--Russian aluminum producer UC Rusal is in talks with India's Essar Group (ESG.YY) to jointly build a 1 million-metric-ton-a-year alumina refinery plant in the eastern state of Orissa, the Economic Times reported Monday, citing unnamed sources.
The cost of building such a project is about $1 billion, the report said.
An Essar group spokesman confirmed "informal" talks between the two companies but added that no formal decision has been taken yet, the report added.