The National Aluminium Company Limited (Nalco) will invest about Rs 30,000 crore by 2027-28 in capacity expansion and diversification plans, Union Minister for Coal and Mines Pralhad Joshi stated on Thursday.
Addressing the 41st Foundation Day of Nalco right here, the Minister stated that the PSU will invest more than Rs 7,000 crore for the 5th stream of its Damanjodi refinery, improvement of Potangi bauxite mines, and exploration and transportation of coal from South, Utkal D and Utkal E blocks.
He stated that about Rs 23,000 crore will be invested in the expansion of Angul smelter plant with a 1,400-MW captive energy 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,” stated the Minister.
Joshi also stated that the central government is extending all-round help to Odisha to stay clear of interruption in mineral production in the nation.
He stated that the state’s proposals to allot two iron ore mining blocks to Odisha Mineral Corporation and a single block to Odisha Mineral Exploration Corporation Ltd have been authorized.
It will expedite iron ore production in Odisha, boosting economy and employment possibilities in the state, he added.
The Minister also stated that the Centre will amend particular guidelines on Odisha government request.
Major policy reforms in the mining sector will be effected in February, he told the media right here.
The Minister also met Chief Minister Naveen Patnaik and discussed the auction of different minerals in the state and also deliberated on facilitating forest clearances, operationalisation of closed mines and other challenges to guarantee smooth mining activities in Odisha.
He also attended a function in which an MOU was signed amongst te Mineral Exploration Corporation Limited and the Odisha Mineral Exploration Corporation Ltd.