National Aluminium Co Ltd (NALCO)
"India’s National Aluminium Company Ltd (NALCO) (NALU.NS) has put all its overseas projects on hold, including one in Iran, in order to focus on expanding domestic capacity, its chairman said on Monday." (June 5, 2017)
State-owned major, National Aluminium Company NSE 1.49 % Limited (Nalco) and Iranian Mines & Mining Industries Development Renovation Organization (IMIDRO) have signed a memorandum of understanding (MoU) to jointly explore the possibility of setting up an aluminium smelter in Iran. The signing of the MoU coincides with the visit of prime minister Narendra Modi to Iran. -- (May 25, 2016).
"In India, the National Aluminium Co Ltd (NALCO) (NALU.NS) has awarded a sell tender to the Iran Aluminium Company (Iralco), two sources said. The European Union sanctioned Iralco in December 2012 for supplying aluminium to The Iran Centrifuge Technology Co (TESA), which is a subsidiary of the Atomic Energy Organization of Iran (AEOI). Swiss trading giants Trafigura and Glencore Xstrata (GLEN.L) have both supplied alumina to Iralco in the past as part of barter deals in exchange for aluminium, but both halted supplies over new EU sanctions…A senior official at India's mines ministry, under which state-owned NALCO operates, said the government was not looking into the issue but could investigate if required. 'In general, we do not have anything against trade ties with Iran,' the official said. The sale was for 30,000 tonnes of alumina to Iralco and shipments were due to start in August, the sources said...'(The) Indian government is encouraging exports to Iran. There is nothing wrong in NALCO exporting alumina to that country,' a senior company official who declined to be identified due to corporate policy told Reuters. NALCO said last week it planned to raise its alumina exports by 40 percent to 1.4 million tonnes this fiscal year to help India increase dollar inflows as global investors dump emerging market currencies anticipating the gradual end to U.S. stimulus." (Reuters, "China, India raise alumina sales to Iran after sanctions push others out," 8/27/13)