IANS

Bhubaneswar, Sep 20: The state-owned National Aluminium Co (Nalco) is focusing on diversification, including setting up a nuclear power plant and moving into other metals, to meet the economic meltdown.

As part of its plans, the company has begun talks with the Nuclear Power Corp of India Ltd (NPCIL) to set up a nuclear power plant of 1,000 MW capacity, said Nalco chairman and managing director C.R. Pradhan.

"We are in talks with NPCIL. We have plans to become an independent power producer," Pradhan said after the company's 28th annual general meeting here saturday.

Nalco also aspires to be a global player in metal business and is in the process of diversifying into other metals from its core business interest, aluminium.

"We are trying to spread the risk keeping in view the economic meltdown, instead of remaining dependent on one commodity. It is part of our diversification plan," said Nalco finance director B.L. Bagra.

Company officials said it has drawn up an ambitious plan to grow both organically and inorganically, and that the aluminium major is planning to acquire new mineral resources, especially coal, bauxite and copper.

According to them, Nalco has almost completed its second phase of capacity expansion on an investment of Rs.4,402 crore.

This will raise its bauxite mining capacity from 48 lakh tonnes to 63 lakh tonnes and that of alumina manufacturing capacity from 345,000 tonnes to 460,000 tonnes.

Along with diversification, the company is planning to leverage its strength in aluminium and alumina business to set up smelter plants in Indonesia and Iran.