Aluminum Company planed to invest 50 billion rupees (12.3 million dollars) to upgrade the production capacity

A senior officer of Indian National Aluminum Company said that the company planed to invest 50 billion rupees (12.3 million dollars) to upgrade the production capacity by 30-35% before the next fiscal year, March 2009.

The financial supervisor Bagra firstly said, ¡°we plan to invest 50 billion rupees to upgrade the production capacity of Koraput bauxite, Damanjodi alumina refinery and Angul aluminum smelting plant.

The period of Indian fiscal year is from April to next March.

     Three plants of National Aluminum Company are all located in Orissa, east of India.

The company plans to collect 250 million US dollars through external commercial borrowings to provide partial funding for expansion project.

    Bagra said, ¡° the remaining funds will be raised through internal audits.¡±

He said that the company has invited interested banks to bid for being organizer in charge of fund-raising.

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