Indian firm eyes $817
mln Dubai aluminium processor
(Reuters) - Mumbai-based Darvesh Group said on Tuesday it plans
to invest $817 million to build an aluminium processor in Dubai
with a capacity of 135,000 tonnes a year.
"We saw there were many new smelters being built and that 10
percent of the world's aluminium will be produced in the Middle
East region and there should be someone who will be able to
process it," the group's director, Ahsan Hassan Darvesh said.
He said the planned processor, called Noval, would be the
world's biggest of its kind when completed in 2010, and that the
company was seeking agreement with Dubai Aluminium and Aluminium
Bahrain to become the project's main suppliers.
"We will start production by the end of 2008 with 30,000 tonnes,
then 45,000 in 2009 and by the end of 2010 we should be able to
produce 135,000 tonnes per year," he told reporters.
Darvesh said the group would finance 20 percent of the project's
cost of 3 billion dirhams ($817 million) from its own resources
and seek syndicated bank loans for the remainder.
Government-owned Dubal is planning a $6 billion smelter complex
to start operation in 2010. It will eventually have an annual
capacity of 1.2 million tonnes, making it the largest of its
kind in the world.