Aluminium major Nalco said on Monday that it will set up a joint task force with Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) to deliberate on a proposed smelter and gas-based power plant in Chabahar Free Trade Zone.
The joint task force will be comprised of senior projects, operations and marketing executives of Nalco, directors of Iran's ministry of industries and senior executives of Iranian Aluminium Company (IRALCO), said Nalco statement.
"The project would help Nalco to use low cost energy available in Iran for conversion of its alumina, presently exported to international markets, to aluminium. The aluminium products from the joint venture company are expected to be highly cost competitive combining the advantages of low cost Nalco alumina and low cost Iranian energy," said Nalco CMD Tapan Kumar Chand, who is in Iran as part of Indian business delegation, led by Petroleum and Natural Gas Minister Dharmendra Pradhan.
During this visit, Chand held discussions with Iran's deputy minister of industry, mines and trade, IMIDRO chairman and other aluminium companies. Based on the report, ownership pattern, project financing, long-term supply of gas and other aspects shall be decided, said the release.
A team from IMIDRO is likely to visit Nalco shortly.