Home Breaking News NALCO to invest Rs 33,000 crore for diversification and expansion

NALCO to invest Rs 33,000 crore for diversification and expansion

NALCO to invest Rs 33,000 crore for diversification and expansion
nalcoooooooooBHUBANESWAR: Unveiling a new plan for high growth through diversification and expansion, aluminium giant NALCO is set to invest more than Rs 33,000 crore in a host of sectors including energy to boost its productivity and profitability.”NALCO is embarking upon an ambitious growth plan involving a massive investment of more than Rs 33,000 crore in next 3 to 4 years, not only in aluminium sector but also in energy sector,” Nalco CMD Ansuman Das told reporters.”NALCO has begun a new odyssey to conquor the challenges of present and threats of future with its new Corporate Plan … this will give a significant boost to the company’s productivity and profitability,” he said.

The plan encompasses expansion – both brownfield and greenfield, diversification into energy and non-ferrous metal sectors, backward integration, merger and acquisition, Das said after NALCO’s annual general meeting held here yesterday.

Referring to greenfield projects, the NALCO CMD said the company is planning to set up a Rs 5,500 crore alumina refinery in Gujarat with one million tonne per annum capacity. Preparation of detailed project report for this has started.

Similarly, the company is also planning a Rs 16,450 crore smelter of 0.5 MTPA capacity and power plant of 1260 MW capacity in Odisha’s Sundargarh for which approval of the high level clearance authority of the state government has been obtained, Das said.

Site selection study and preliminary land survey for the proposed project is under way and the company is actively pursuing allocation of coal block in this regard, he said.

On Nalco’s foray into energy sector, Das said the company had formed a joint venture with Nuclear Power Corporation of India (NPCIL) to set up nuclear power plants.

Both the partners have selected Kakrapar Units 3 and 4 of 700 MW each in Gujarat as their first JV project with an estimated project cost of Rs 11,500 crore, he said, adding construction work had already started and the project was scheduled to be commissioned by December, 2015.

In pursuit of harnessing renewable energy sources, NALCO has entered into new business of wind power generation with the establishment of 50.4 MW wind power plant at Gandikota in Andhra Pradesh at an investment of Rs 274 crore.

Second wind power plant of 47.6 mw is being set up in Rajasthan with an investment of Rs 283 crore. Another plant has been planned in NALCO’s own mined out area at Panchpatmali in Koraput district of Odisha.


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