Home HEADLINES NALCO to invest Rs 5600 crore in Odisha’s Damanjodi

NALCO to invest Rs 5600 crore in Odisha’s Damanjodi

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Odisha Sun Times Bureau
Bhubaneswar, Nov 10:

NALCO plans to set up a 5th stream of one million tonne alumina refining capacity, at an investment of Rs 5600 crore, in the precincts of the existing refinery at Damanjodi in Odisha’s Koraput district.

Pic www.frontline.in
Pic www.frontline.in

Strengthened by the allocation of Utkal D&E Coal Blocks by the Centre and recommendation of Pottangi Bauxite Mines by the State Government in favour of NALCO, the Navratna PSU made this announcement yesterday.

The decision was disclosed by Mines Secretary Balvinder Kumar following a meeting with Chief Minister Naveen Patnaik and Chief Secretary Gokul Chandra Pati in the presence of NALCO CMD TK Chand yesterday in Bhubaneswar.

In the high-level meeting, Kumar appreciated the State Government’s support to NALCO and further informed that NALCO would spend Rs 2000 crore for developing the 200 million tonne coal blocks recently allotted to the company in Angul district. NALCO’s smelter and power complex is located at that site.

Besides, the aluminium major is also closely associated with the State Government in setting up an aluminium park in Angul to attract downstream industries.

“This is just an humble beginning in our roadmap for expansion and investment plans. Since our entire value chain is located in Odisha, we are committed to the people of the State. Besides, in the context of recently announced State Industrial Policy, it makes lots of business sense to invest in Odisha,” said CMD Chand.

“On the CSR front, we have already committed an additional Rs 300 crore in the tribal belt of Koraput as well as Angul,” he added.

It may be noted that Government of Odisha had recently launched a new industrial policy to attract an investment of Rs.1,73,000 crore in the state.

NALCO is a Navratna CPSE under Ministry of Mines of Government of India. The Company is a group ‘A’ CPSE having integrated and diversified operations in mining, metal and power with sales turnover of Rs 7024 crore in financial year 2013-14. Presently, the Union Government holds 80.93% equity of NALCO.

It has a 68.25 lakh TPA bauxite mine & 22.75 lakh TPA alumina refinery located at Damanjodi in Koraput district of Odisha and a 4.60 lakh TPA aluminium smelter & 1200 MW captive power plant located at Angul in the state.