Bhubaneswar, January 7: Union Minister for Coal & Mines Pralhad Joshi on Thursday said that NALCO will invest around Rs 30,000 crore by financial year 2027-28 on the company’s expansion and diversification plans.
Joshi was addressing the 41st Foundation Day of NALCO today at the company’s headquarters in Bhubaneswar, the capital city of Odisha.
Out of this proposed investment, the company will spend over Rs 7,000 crore on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines. Remaining Rs 22,000 crore will be spent on smelter and captive power plant (CPP) expansions, which also include expansion of the company’s smelter plant at Angul district in Odisha with construction of a 1,400 MW feeder CPP, said Joshi.
“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 and achieve Aatmanirbhar Bharat vision under the stellar leadership of Prime Minister Narendra Modi,” Joshi said.
In view of the requests made from State Government, Central Government will amend concerned rules so that smooth production of minerals could be ensured and non-serious players barred from participating in mineral block auctions, added the Union Minister.
“Specially to expedite iron ore production in Odisha, we have approved the proposals to allot two iron ore mining blocks to Odisha Mineral Corporation (OMC) and 1 block to Odisha Mineral Exploration Corporation Ltd (OMECL) on the request of the State,” announced Joshi.
An MoU has also been signed between Odisha Mineral Exploration Corporation Ltd (OMECL) and Mineral Exploration Corporation Ltd (MECL) for exploration of mineral blocks of OMECL. This will unleash the mineral potential in the state thorough extensive surveys and exploration. Moreover, in order to expedite the auction of mineral blocks in Odisha, relaxation in norms is also being considered.
Joshi said that NALCO, in association with the Government of Odisha is also setting up a world class Aluminium Park in Angul, in close proximity to its Smelter Plant to encourage development of downstream and ancillary industries in the state of Odisha. This will enhance employment in the area and give boost to local entrepreneurship.