National Aluminum Co., India's second-biggest producer of the metal, is seeking to buy a majority stake in Tajikistan-based Tajik Aluminum Co. to more than double capacity as prices rise to a near record.

Nalco plans to spend $9.4 billion to expand locally and set up factories in Indonesia, South Africa and Iran to tap low-cost power, abundant gas and cheap labor. Electricity accounts for a third of the cost of making aluminum.

The state-run company may supply aluminum to Tajik Aluminum from its mines in India.

Nalco in April said it's in talks with Tata Group to jointly build a $3 billion aluminum plant in South Africa to benefit from cheap electricity.

National Aluminum’s proposal to buy a 51 percent stake in Tajik Aluminum is being considered by the Tajikistan government, the Financial Express reported today.

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