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Bhubaneswar: National Aluminium Company Limited (Nalco) and Neelachal Ispat Nigam Limited (NINL) have signed an MoU to set up a joint venture company for producing coal tar pitch in Odisha.

"The agreement is part of the new business plan of Nalco to ensure backward integration and sustain the plans for forward integration," said Nalco CMD Tapan Kumar Chand.

Under the JV, the coal tar distillation plant that is proposed to be set up, will use the coal tar generated from NINL's coke oven plant at its 1.1 million tonne per annum integrated iron and steel plant at Kalinga Nagar in Duburi, a Nalco statement said here today.

NINL will be preparing a techno-economic feasibility report for the JV project, it said.

The MoU was signed by S K Satpathy, General Manager (Business Development and R&D) and S B Jagdale, Joint Managing Director, on behalf of NALCO and NINL, respectively in the presence of Nalco CMD Tapan Kumar Chand here yesterday, the release said.

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