New Delhi [India], January 7 (ANI): Union Minister for Coal and Mines Pralhad Joshi on Thursday said that NALCO will invest around Rs 30,000 crores by the financial year 2027-28 on the company's expansion and diversification plans.
Joshi made the remarks while addressing the 41st Foundation Day of NALCO today at the company's headquarters in Bhubaneswar, Odisha, the Ministry of Coal said in a press release.
"Out of this proposed investment, the company will spend over Rs 7000 crores on the fifth stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines. 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," the Ministry said.
"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.
Joshi 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 barred from participating in mineral block auctions.
"Especially to expedite iron ore production in Odisha, we have approved the proposals to allot 02 iron ore mining blocks to Odisha Mineral Corporation and 01 blocks to Odisha Mineral Exploration Corporation Ltd on the request of the state," Joshi said.
The release further stated that an MoU has also been signed between Odisha Mineral Exploration Corporation Ltd (OMECL) and Mineral Exploration Corporation Ltd (MECL) for the exploration of mineral blocks of OMECL.
Joshi further said that NALCO, in association with Odisha government 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 of Odisha. (ANI)