IAPL is a joint venture between Nalco, Mukand Ltd, FATA Hunter of Italy and Global Emerging Markets Ltd. Nalco, which had 26 per cent equity in the venture, has bought the remaining 74 per cent stake in the company, a Nalco release said here.

IAPL has a 50,000 tonne plant for manufacturing col-rolled coils, cast strips and sheets of aluminium near Nalco's smelter plant at Angul in Orissa.Nalco said it stood to gain from the downstream integration into value-added products. "Substantial gains are expected to accrue to both Nalco and the project from synergising of operations and sharing of common facilities," the statement said.

Nalco sources said the plant which would be a 100 per cent export-oriented unit is an advanced stage of completion and is likely to become functional by June 2001.