Nalco and MIDHANI form JV to set up high-end aluminum alloy plant
2019-08-14 09:51:42 [Print]
State-owned National Aluminum Co., Ltd. (Nalco) has entered into a pact with Mishra Dhatu Nigam Ltd. (MIDHANI) to incorporate a joint venture ("JV") to set up high-end aluminum alloy plant for manufacturing of plates and sheets.
The board of the joint venture (JV) will have a maximum of 12 members with both the companies nominating minimum two directors each to the board, Nalco said.
Nalco and MIDHANI will initially subscribe for shares in the JV in equal proportion that is 50 per cent each. "JV may agree to induct a technology partner/technology associate/technology provider with shareholding up to a maximum of 10 per cent of the total paid up equity in the JV during incorporation or else may dilute up to 10 per cent of the total paid up equity (in equal proportion) to them," the statement said.
The board of the joint venture (JV) will have a maximum of 12 members with both the companies nominating minimum two directors each to the board, Nalco said.
Nalco and MIDHANI will initially subscribe for shares in the JV in equal proportion that is 50 per cent each. "JV may agree to induct a technology partner/technology associate/technology provider with shareholding up to a maximum of 10 per cent of the total paid up equity in the JV during incorporation or else may dilute up to 10 per cent of the total paid up equity (in equal proportion) to them," the statement said.
Aluminum Alloy ADC12 FOB China
Unit:USD/mt
China secondary aluminum alloy producers' sales to production ratio statistics by province by month
Unit: %
