Gujarat Foils, Rusal in JV for Rs14,000-crore aluminium project
29 Nov 2010
Gujarat Foils Ltd has roped in Russian aluminium giant United Company (UC) Rusal for setting up a one million tonne alumina refinery and a 5,00,000 tonne aluminium smelter in Gujarat.
The project is estimated to involve total investment of Rs14,000 crore.
The two companies will finalise the terms of the joint venure in due course, Gujarat Foils said in a release.
Gujarat Mineral Development Corporation Ltd (GMDC) has issued an expression of interest (EoI) to Gujarat Foils for setting up a 1 million tonne per annum alumina refinery and a 5,00,000 tonne aluminum smelter in Kutch district of the state.
Rusal, the world's largest aluminium producer, had 11 per cent of global aluminium production and 13 per cent of the world's alumina output in 2008.
With over 40 units in 19 countries across five continents, 16 aluminium smelters, 13 alumina refineries, eight bauxite mining complexes and three foil mills, Rusal also holds over 25 per cent share in Norilsk Nickel, the world's largest producer of nickel and palladium.