Saturday 22nd January 2022

NALCO to invest Rs. 30000 crs on expansion by FY 2027-28: Pralhad Joshi

Jan 8th, 2021 5:24 pm | By | Category: LATEST NEWS

Sridhar Patra, CMD-NALCO


(THE NEWSMAN OF INDIA.COM)
Union Minister for Coal & Mines Pralhad Joshi said that NALCO will invest around Rs. 30000 crores 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. 7000 crores on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines. Remaining Rs. 22000 crores 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 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 stellar leadership of Prime Minister Narendra Modi Ji,” Joshi said.

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 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.

“Specially 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 block to Odisha Mineral Exploration Corporation Ltd on the request of the state.” Joshi said.

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.

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