BHUBANESWAR: The Central Government has sanctioned establishment of an aluminium park at Angul with an estimated cost of `125 crore. The project is expected to attract investment worth `500 crore in the initial phase.
Official sources said the apex committee on Modified Industrial Infrastructure Upgradation Scheme (MIIUS) has approved the project and the Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry has sanctioned the proposal.
The Industrial Infrastructure Development Corporation (IDCO) and the National Aluminium Company Limited (Nalco) have formed a Special Purpose Vehicle (SPV) in the name of Angul Aluminium Park Private Limited to develop the project at Angul near the Nalco smelter plant, which will continuously supply raw materials to the proposed industrial units to come up in the park.
The park will be developed on 454 acres of land. The phase-I of the project will cover 224 acres while the phase-II will be developed on 230 acres.
According to official sources, the park will be first of its kind in the country where units will have access to hot aluminium metal.
An expression of interest (EOI) was conducted to assess the market for investment in the park and more than 50 participants have evinced interest to set up their units.
Initially an investment of `500 crore is expected with domestic turnover of `2,500 crore and export of `500 crore. Official sources said the park will create direct employment opportunities for at least 4,500 persons and indirect opportunities for 10,000 people. The Centre would provide `44.62 crore.
