Nalco to form JV with Midhani for aluminium alloy plates

Government of India enterprise, Nalco, informed that it will create a JV with Mishra Dhatu Nigam for manufacturing of aluminium alloy plates and sheets, on Thursday after market hours.

National Aluminium Company (Nalco) has inked a pact with Mishra Dhatu Nigam (Midhani) to incorporate a Joint Venture company (JVC) to set up high-end aluminium alloy plant for manufacturing of plates, sheets. The company and MIDHANI will initially subscribe for shares in the JVC in equal proportion of 50 per cent each.

The JVC agrees to induct a technology partner/technology associate/technology provider with shareholding up to a maximum of 10 per cent of the total paid-up equity in the JVC during incorporation or else may dilute up to 10 per cent of the total paid-up equity (in equal proportion) to them.

Nalco is integrated aluminium producer engaged in manufacturing chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistics network in terms of rail and port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.

On Friday, at 11:15 am, the stock traded with gains of 1.25 per cent at Rs. 44.30 per share on BSE.