"NALCO and Iranian mining company sign MoU to set up aluminium smelter in Iran"

State-owned major, National Aluminium Company 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. 

The smelter- cum-gas based power plant, is slated to be part of a joint venture aluminium company to be set up by Nalco in that country. It will utilize supply of alumina from Nalco's refinery in India. The MoU also envisages tolling arrangement with existing smelters in Iran for producing aluminium from alumina supplied by Nalco and also proposes to look into other businesses.