Thursday, June 30, 2022
Tech ObserverNewsPSUNALCO to invest Rs 30,000 cr on expansion by 2027-28: Union Minister Joshi

NALCO to invest Rs 30,000 cr on expansion by 2027-28: Union Minister Joshi

Union Minister for Coal and Mines has said that National Aluminium Company Limited () will invest around Rs 30,000 crores by the financial year 2027-28 on the company’s expansion and diversification plans.

Addressing the 41st Foundation Day of NALCO yesterday at the company’s headquarters in Bhubaneswar, he said that out of this proposed investment, the company will spend over Rs 7,000 crores on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from the south block and Utkal D and E coal mines.

The remaining Rs 22,000 crores will be spent on the smelter and captive power plant (CPP) expansions, which also include 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 and achieve Aatmanirbhar Bharat vision under the leadership of Prime Minister Shri Narendra Modi,” he said.

An MoU has also been signed between Ltd () and (MECL) for the exploration of mineral blocks of OMECL. This will unleash the mineral potential in the state through extensive surveys and exploration. Moreover, in order to expedite the auction of mineral blocks in Odisha, relaxation in norms is also being considered.

Joshi also said that the central government is extending all-round support to the mineral-rich state Odisha to avoid any interruption in the mineral production of the country.

He stressed that in view of the requests made from the state government, the central government will amend concerned rules so that smooth production of minerals could be ensured and non-serious players are barred from participating in mineral block auctions.

“Especially to expedite iron ore production in Odisha, we have approved the proposals to allot 2 iron ore mining blocks to Odisha Mineral Corporation and 1 block to Odisha Mineral Exploration Corporation Ltd on the request of the state,” he notified.

The minister also informed 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 the development of downstream and ancillary industries in the state. This will enhance employment in the area and give a boost to local entrepreneurship.

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