BHUBANESWAR: The Navratna Central public sector enterprise Nalco will invest around Rs 30,000 crore on the company’s expansion and diversification plans by 2027-28, said Union Minister for Coal and Mines Pralhad Joshi on Thursday.
Addressing the 41st Foundation Day of the aluminium major here, Joshi said the company will spend over Rs 7,000 crore on the fifth stream refinery, Pottangi bauxite mines, transportation system from south block and Utkal D and E coal mines.
The rest 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 with the construction of a 1400 MW feeder.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 the mineral rich Odisha to avoid any interruption in the mineral production of the country.
On the requests made by the State to expedite the auction of mineral blocks, he said, the government will amend the rules so that smooth production of minerals can be ensured and non-serious players barred from participating in bids.
“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.
Joshi said Nalco in association with Odisha government is also setting up a world class Aluminium Park at Angul. This will encourage development of downstream and ancillary industries, creating huge employment opportunities in the area and boosting local entrepreneurship.
Highlighting the company’s performance, Nalco CMD Sridhar Patra said the export earnings accounted for about 59 per cent of the sales turnover in the first half of the fiscal. A caustic soda plant set up as part of a joint venture with Gujarat Alkalies and Chemicals Ltd is likely to be commissioned by mid-2021 and will ensure steady supply of caustic soda, he said.