Nalco to raise $211 mn in foreign debt

National Aluminium Company Ltd plans to raise 150 million euros in foreign debt to fund its expansion activities.

National Aluminium Company Ltd plans to raise 150 million euros ($211.3 million) in foreign debt to fund its expansion activities, the state-run aluminium maker said.

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"Quite a few banks and merchant bankers have responded to the bids invited by us," Chairman CR Pradhan said in a statement over the weekend.

Nalco is spending 50.03 billion rupees ($1.3 billion) to raise the capacities in its bauxite mines, alumina refinery, aluminium smelter and captive power plant, it said in the statement.