India’s NALCO puts Iran Project on hold

By John Lee.

India’s National Aluminium Company Ltd (NALCO) has put its overseas projects on hold in order to focus on expanding domestic capacity.

The company signed a memorandum of understanding (MoU) with the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) last year to explore the possibility of setting up a joint aluminum smelter in southern Iran.

Chairman Tapan Kumar Chand told Reuters:

“Iran’s proposal is attractive as long as gas prices are attractive, but not much of an indication in that area has come.”

(Source: Reuters)

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