Modi May Lose $3 Billion Plant to Iran as Coal Runs Short
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Domestic coal shortages are prompting India’s National Aluminium Co. to plan construction of a $3 billion smelter complex abroad, possibly in Iran, underscoring the task Prime Minister Narendra Modi faces to boost energy output.
Indonesia, Vietnam, Malaysia, Oman and United Arab Emirates are other potential sites for the 500,000 metric ton smelter and a 1,000-megawatt captive power plant, National Aluminium’s Chairman Ansuman Das, 59, said in an interview. He didn’t give a timeline for the project by the state-run maker of a metal used in everything from beer cans to aircraft and cars.