BHUBANESWAR: The Navratna Central Public Sector Enterprise (CPSE) Nalco will invest around Rs 30,000 crore for expansion and diversification by 2027-28, said Union Minister for Coal and Mines Pralhad Joshi.
Addressing the 41st Foundation Day of the aluminium major here on Thursday, Joshi said the company will spend over Rs 7000 crore on the fifth stream refinery, Pottangi bauxite mines, transportation system from south block and Utkal D and E coal mines.
The remaining Rs 23,000 crore will be spent on smelter and captive power plant expansions, including the expansion of the company's smelter plant at Angul district with the construction of a 1400 MW feeder, he informed.
The ambitious growth plans of Nalco, Joshi said, will contribute significantly to the alumina and aluminium sectors having a multiplier effect in the production and consumption of the strategic metal.
The Union Minister said the central government has been extending all-round support to mineral-rich Odisha to avoid any interruption in the mineral production of the country.
On the requests made from the state to expedite the auction of mineral blocks, he said the Centre will amend the rules concerned so that smooth production of minerals can be ensured and non-serious players barred from participating in mineral block auctions.
"The Union government has approved the proposals to allot two iron ore mining blocks to Odisha Mineral Corporation and one block to Odisha Mineral Exploration Corporation Ltd (OMECL) on the request of the state government," Joshi said.
An MoU has been signed between OMECL and Mineral Exploration Corporation Ltd (MECL) for exploration of mineral blocks of OMECL. The pact will unleash the mineral potential in the state through extensive surveys and exploration.
Highlighting the measures taken to keep mineral production uninterrupted, the Minister said the central government brought the Mineral Laws (Amendment) Ordinance, 2020 that broadly mandated the state governments to take advance action for auction of mineral blocks so that the new lease holder could be decided before the existing lease expires.
Joshi said Nalco in association with the Odisha government is also setting up a world class Aluminium Park at Angul in close proximity to its smelter plant to encourage development of downstream and ancillary industries in the state. The project will create huge employment opportunities in the area and boost local entrepreneurship.
