NALCO signs $3.4 bn smelter deal

National Aluminium Co Ltd (Nalco), India's second biggest producer of aluminium, Friday inked a deal with the Indonesian government in Jakarta to set up a 500,000-tonne smelter and a 1,250-MW captive power plant in that country at a cost of $3.4 billion, the company said in Bhubaneswar. A memorandum of understanding (MoU) to this effect was signed between B.L. Bagra, director, finance, NALCO, and H. Mahyuddin, vice-governor, South Sumatra Province, Indonesia.