|India’s NACL plans to build $3 billion smelter complex in Iran||
TEHRAN - India’s National Aluminum Company (NACL) plans to build a 500,000 metric ton smelter and a 1,000-megawatt captive power plant possibly in Iran at a cost of $3 billion.
“We are facing a massive energy challenge in India,” NACL Chairman Ansuman Das said, Bloomberg reported. “That’s the reason we are looking at countries which have abundant energy resources.”
Using imports to make up for a lack of sufficient local coal output is too costly, Das said, signaling the challenges for industry from a 23 percent national shortfall in domestic supplies.
Building a plant in Iran depends in part on nuclear negotiations between it and six world powers. The talks could lead to an easing of sanctions on the nation, which the U.S. Energy Information Administration estimates holds the world’s second-largest natural gas reserves.
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