With an aim to promote investments in downstream aluminium sector, the Industries Department on Monday organized an event in association with the CII to engage with over 70 Indian companies and invited them to invest in Odisha’s downstream ecosystem.
India’s aluminium consumption is growing at a compound rate of 15 per cent (year-on-year), making it one of the largest consumption markets in the world. With the demand of aluminium expected to rise further, Odisha which is the largest producer of aluminium in the country and contributing to 54 per cent of the country’s total smelting capacity is setting up first of its kind Aluminium Park in Angul with the facility for downstream industries to directly obtain molten aluminium from the smelter.
Spreading over 223 acres of industrial land, the Aluminium Park will create ample of opportunities for the downstream industries in the State. Odisha is home to leading aluminium companies like Nalco, Hindalco and Vedanta which ensure availability of raw materials for the downstream industries. For the Aluminium Park at Angul, the State Government has already received investment proposals in downstream industries of conductors, extrusions, castings and foils to name a few.
The extent of these investments diversifies to other value added products catering to white goods, auto components, construction and other allied industries. Ancillary businesses are also expected to benefit from this project and their investors include providers of raw material of calcined petroleum, special refractory bricks, cryolite, caustic soda and aluminium fluoride.
Various companies from India like KEI Industries, Jindal Steel, Havells India, Indian Oil, Hindustan Petroleum Corporation limited and Sterlite Technologies ltd among many others attended the roundtable.
Addressing the investors, Chairman, CII Odisha and CMD, Nalco TK Chand said, “There is a huge opportunity for downstream products in the State.
Investors will be getting developed land, power and training facilities. Additionally, the State Government will be also be assisting the investors in setting up their operations.”
The downstream industry will have cost benefit of Rs 10,000 per tonne and will have enough raw material committed to them. Additionally, Chand said that Nalco will provide hand holding to all the downstream and ancillary units.
Highlighting the business friendly reforms of the Government of Odisha, Principal Secretary (Industries) Sanjeev Chopra interacted with the investors present at the event. There was also a panel discussion on ‘Ancillary and downstream ecosystem in aluminium sector’, an open house discussion followed by a site visit of Angul Aluminium Park.
Sanjeev Chopra said, “Odisha is witnessing rapid industrial transformation as per the roadmap laid out in our ‘Vision 2025’ document. Odisha is a mineral rich State and by developing world class infrastructure we aim to provide an ideal business ecosystem for all the related sectors to flourish.
We have already received several investment proposals for the Aluminium Park in Angul and we aim to create around 15,000 job opportunities through the project.”