Union Minister for Coal & Mines, Pralhad Joshi has said that the National Aluminium Company Ltd (NALCO) will invest around Rs. 300 billion crores by the financial year 2027-28 on expansion and diversification. Joshi said this while addressing the 41st foundation day of NALCO on Thursday at the company’s headquarters in Bhubaneswar.
Out of this proposed investment, the company will spend over Rs 70 billion on the fifth stream refinery, Pottangi bauxite mines, bauxite transportation system from the south block and Utkal D&E coal mines. The remainder of Rs 220 billion will be spent on the smelter and captive power plant (CPP) expansion, which also includes expansion of the company’s smelter plant at Angul district in Odisha with the construction of a 1400 MW feeder CPP.
“With the ambitious growth plans that NALCO has for the future, it will contribute significantly to the alumina and aluminium sectors having a multiplier effect in the production and consumption of this strategic metal,” said Joshi.
Joshi also said that the Central Government was extending all-round support to the mineral-rich Odisha to avoid any interruptions in production. He emphasised that given the requests made by the State Government, the Central Government would amend the concerned rules so that smooth production of minerals could be ensured and non-serious players barred from participating in mineral block auctions. “Especially to expedite iron ore production in Odisha, we have approved the proposals to allot two iron ore mining blocks to the Odisha Mining Corp. Ltd (OMCL) and one block to the Odisha Mineral Exploration Corp. Ltd (OMECL) on the request of the state,” informed Joshi.
A memorandum of understanding (MoU) has also been signed between OMECL and the Mineral Exploration Corp Ltd (MECL) for the exploration of the former’s mineral blocks.
Joshi said that NALCO, in association with the Government of Odisha was also setting up a world-class Aluminium Park in Angul, near its smelter plant to encourage the development of downstream and ancillary industries. This will enhance employment in the area and give a boost to local entrepreneurship.