Nalco received the nod of Indonesian government to set up an Aluminium smelter and captive power project at an investment of Rs.17,000 crore in that country, PTI reported. The company’s director of Finance B L Bagra reportedly said that the FDI proposal was cleared by the Indonesian government in September.
Nalco entered into a memorandum of understanding with the government of Indonesia in January for setting up a five lakh tonne aluminium smelter and 1,250 MW captive power plant. The company conducted a feasibility study with consultant M N Dastur in April. After getting enough positive indications of the viability of the project, the company sought clearance of its investment proposal from the government of Indonesia in August.
The feasibility report for the project was completed last month and now the company plans to float a global tender to rope in a consultant for undertaking the detailed project report or DPR.
Bagra said the DPR would be taken up by the end of January, when the company secures connecting logistics and technical inputs, apart from details of quality and quantum of coal, which Nalco plans to procure from a local mining company there.