National Aluminium Company (NALCO), the country's leading state run PSU in the aluminium sector, has said it will invest Rs. 5600 crore in setting up a 5th stream of one million tonne capacity in the precincts of the existing alumina refinery at Damanjodi, in Odisha's Koraput district.
Nalco latest investment thrust comes on heels of allocation of Utkal D&E coal blocks by the Centre and the state government's recommendation of Pottangi bauxite mines in favour of Nalco.
The plans of the navratna PSU was disclosed by mines secretary, Balvinder Kumar, when he called on Mr. Naveen Patnaik, Chief Minister of Odisha and Gokul Chandra Pati, Chief Secretary, Govt. of Odisha recently. T K Chand, CMD, NALCO was also present at the high-level meeting.
Mr Kumar also said Nalco would, at the same time, spend another Rs. 2,000 crore to develop the 200-million-tonne coal blocks recently. These blocks, which were recently allotted to the company, are located in Angul district of Odisha. The company's Smelter and Power Complex is also located in the same district. 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 a 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", T K Chand said. The state has recently launched a new industrial policy to attract an investment of Rs. 1, 73,000 crore in the state.