New Delhi: The National Aluminium Company Limited (Nalco) will invest around Rs 30,000 crore by 2027-28 in capacity expansion and diversification plans, Union Minister for Coal and Mines Pralhad Joshi said on Thursday.
Addressing the 41st Foundation Day of Nalco here, the Minister said that the PSU will invest over Rs 7,000 crore for the 5th stream of its Damanjodi refinery, development of Potangi bauxite mines, and exploration and transportation of coal from South, Utkal D and Utkal E blocks.
He said that around Rs 23,000 crore will be invested in the expansion of Angul smelter plant with a 1,400-MW captive power plant.
It will help the company to sustain and be competitive. Moreover, aluminium industry is one of the fastest growing sectors among all metals and holds the potential to attract huge investments in the near future, he added.
The company’s aggressive expansion plan will have a multiplier effect on the mining and mineral sector, helping achieve the vision of an Atmanirbhar Bharat, said the Minister.
Joshi also said that the central government is extending all-round support to Odisha to avoid interruption in mineral production in the country.
He said that the state’s proposals to allot two iron ore mining blocks to Odisha Mineral Corporation and one block to Odisha Mineral Exploration Corporation Ltd have been approved.
It will expedite iron ore production in Odisha, boosting economy and employment opportunities in the state, he added.
The Minister also said that the Centre will amend certain rules on Odisha government request.
Major policy reforms in the mining sector will be effected in February, he told the media here.
The Minister also met Chief Minister Naveen Patnaik and discussed the auction of various minerals in the state and also deliberated on facilitating forest clearances, operationalisation of closed mines and other issues to ensure smooth mining activities in Odisha.
He also attended a function in which an MOU was signed between the Mineral Exploration Corporation Limited and the Odisha Mineral Exploration Corporation Ltd.