Tata, Nalco To Ink JV For S Africa Aluminum,Pwr Plants -Report

BANGALORE (Dow Jones)-India’s state-run National Aluminium Co. Ltd. and the Tata Group are set to sign a joint venture agreement to set up an aluminum smelter and a power plant in South Africa at a cost of $3 billion, the Financial Express reported Friday, citing unnamed sources.

Tata Africa, the investment arm for Tata Group in South Africa, will have a 49% stake in the proposed joint venture, while Nalco will hold the remaining equity, the report said.

A memorandum of understanding between Tata Africa and Nalco is expected to be signed in the next two weeks, the report added.