State-run National Aluminium Co,plans a foray into the copper and coal businesses as it looks for ways to diversify,a senior company official said on Monday.
B.L. Bagra,the firm8217;s finance director,said a team of Nalco officials recently visited the African nation of Congo to look at prospects in coal mines,and the company was also negotiating for a coal property in Indonesia.
8220;We are planning to enter into copper8230; copper mining,copper smelting and coal mining,8221; Bagra said by telephone. 8220;We are diversifying so that if one sector performs badly others will support it.8221;
The firm would focus on copper mining and smelting for now,he added.
Nalco,India8217;s third-largest aluminium maker,produced 361,262 tonnes of aluminium in the year ending March 2009.
The firm,which last week announced plans to invest in a nuclear power project as an independent power producer,is looking at prospects in coal mines in India and abroad,Bagra said.
8220;Other than coal properties for our captive power plant and smelter,we are looking for standalone coal mines,8221; he said.