SunstarTV Bureau: National Aluminium Company Limited (NALCO) is going invest around Rs 30000 core by the financial year 2027-28 on the company’s expansion and diversification plans.
Union Minister for Coal and Mines, Pralhad Joshi has said about the investment during the 41st Foundation Day of NALCO at the company’s headquarters in Bhubaneswar, on Thursday.
Attended 41st Foundation Day of @NALCO_India in Bhubaneswar today. Spoke about achieving exponential growth and expansion to take NALCO to the next level of business excellence.
NALCO will invest Rs 30,000 crores by 2027-28 on expansion and diversification plans. pic.twitter.com/zmy6B9cmIt
— Pralhad Joshi (@JoshiPralhad) January 7, 2021
The company will spend over Rs 7000 core on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from the south block and Utkal D&E coal mines.
The remaining Rs 22,000 core 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.
Joshi said, “With the ambitious growth plans that NALCO has for the future, it will contribute significantly to the alumina and aluminum 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 Ji”.
Joshi also mentioned 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 even stressed at 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.