Union Minister for Coal & Mines Pralhad Joshi on Thursday said the Nalco would invest around Rs 30,000 crore by financial year 2027-28 on the company’s expansion and diversification plans.
Joshi was addressing the 41st Foundation Day of Nalco at the company’s headquarters here. Out of the proposed investment, the company would spend over Rs 7,000 crore on the 5th stream refinery, Pottangi bauxite mines, bauxite transportation system from south block and Utkal D & E coalmines.
The remaining Rs 22,000 crore would be spent on smelter and captive power plant (CPP) expansions, which also include expansion of the smelter plant at Angul with construction of a 1,400-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 Hon’ble Prime Minister Shri Narendra Modi Ji,” Joshi said. He also said the Central Government is extending all-round support to the minerals-rich Odisha. In view of the requests made from the State Government, the Centre would amend the 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 two iron ore mining blocks to the Odisha Mineral Corporation OMC) and one block to the Odisha Mineral Exploration Corporation Ltd (OMECL) on the request of the State.” Joshi said.
An MoU has also been signed between the OMECL and the Mineral Exploration Corporation Ltd (MECL) for exploration of mineral blocks of OMECL. Moreover, in order to expedite the auction of mineral blocks in Odisha, relaxation in norms is also being considered, he said.
Notably, an auction regime was introduced by the Ministry of Mines for allotment of mineral blocks in India through an amendment made in MMDR Act in 2015.
As per the amendment, leases for 46 mineral blocks were getting expired in March 2020, majority of them were situated in Odisha. Joshi said the Nalco, in association with the Government of Odisha, is also setting up a world-class Aluminium Park in Angul in close proximity to its smelter plant to encourage development of downstream and ancillary industries in Odisha. This would enhance employment in the area and boost local entrepreneurship.
Nalco CMD Sridhar Patra highlighted the company’s significant performance in last fiscal, wherein he shared about the export earnings that accounted for about 59% of the sales turnover in the 1st half of this financial year.
He also informed regarding caustic soda plant that has been set up in JV with Gujarat Alkalies & Chemicals Ltd which is likely to be commissioned in early 2021-22. Minister Joshi unfurled “The Employee of the Month Scheme” for improving employee performance.
Also, the ‘Best Performing employees’ of Nalco were rewarded.