Nalco plans to set up $3 bn plant in Abu Dhabi

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New Delhi, Sept 25: National Aluminium Company Limited (Nalco) is planning to set up a $3-billion (Dh11.04 billion) aluminium smelter in Abu Dhabi. Also, Reliance Industries is expected to invest in a petrochemical plant.

Talking to FE, CM Bhandari, India’s new ambassador to the UAE said, “India’s investments are poised to take off in the UAE following chairman of the Abu Dhabi Department of Economy and Planning Shaikh Hamed Bin Zayed Al Nahyan’s recent visit to India. Some big Indian companies are planning to invest here.”

Nalco is planning to put up a 100% owned aluminium smelter in Abu Dhabi and Reliance has three projects to place in UAE and is open to participation in the hydrocarbons sector,” he said. “We have established our footprint across South-East Asia, the Far East, the Gulf, China and US and we are keen to set up a smelter in Abu Dhabi and are are finalising certain components,” said Nalco officials.

“Yes, discussions are going on with Nalco and other companies and we are evaluating them,” a senior official said, declining to be drawn into details.

Mr Bhandari, who has taken over as ambassador recently, said that the embassy has received a formal proposal from the UAE government for India’s expertise in building high-tech agriculture. “There is very good scope for cooperation in this field, in UAE and GCC and this is one area I’m working on.”

Trade between India and GCC is nearing $15 billion and relationships have greatly evolved between the two. “With its 6% growth rate, India has the potential to help the GCC maintain the pace of its growth.” Highlighting the growing India-UAE relations, Mr Bhandari cited the example of Dubai Aluminium’s (Dubal) $1.5 billion bauxite mining and refinery project in Orissa.

He said the 74:26 joint venture with India’s Larsen & Toubro will produce over 1 mtpa of alumina, which will be bought by Dubai after the facility is commissionied in 2009.

“This is among the many big projects that will fructify in the coming years,” the ambassador added.