National Aluminium Company's (NALCO) greenfield projects in Indonesia and Iran are in a limbo because of political and policy hurdles in those countries.

According to sources, the policies of the Indonesian government and a volatile political situation in Iran are keeping NALCO from setting up its plants entailing an estimated investment of over Rs 20,000 crore.

Though, the Indonesian law does not allow foreign companies to have a stake in mineral exploration, the NALCO project would be developed in a joint venture with a local partner who will have the control of the rights of coal and bauxite mines.

The company hopes to go ahead with the projects which are to cost Rs 10,000 crore each, only after there is assurance of the right of some control on the minerals. The company is expected to be the majority shareholder and control the management of the projects as well.

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