JOIN US Buoyed by 106 per cent jump in profit, aluminium giant NALCO is all set to invest over Rs 65,000 crore to launch ambitious projects in the country and abroad, besides undertaking expansion and diversification into power and mining sectors in a big way.
“Investment to the tune of Rs 65,000 crore is proposed to be made for a number of projects, including a greenfield aluminium smelter abroad,” NALCO CMD T K Chand said.
The company is exploring countries like Oman, Iran and Indonesia to set up the proposed smelter plant with an estimated investment of Rs 20,000 crore, Chand told reporters adding the location would be finalised after examining factors like availability of low-cost power and infrastructure.
The smelter unit is sought to be of 5 mtpa capacity together with 150 mW captive power plant, Chand said, adding that though NALCO is ready to go for the project alone, it is open to a joint venture if a suitable partner comes forward.
While power is cheap in Oman and Iran, abundant coal is available at low cost in Indonesia. Port facilities would also be a major factor, the CMD said adding the project is likely to take off this year itself as NALCO aims to emerge as a major global player in mining, metal and energy sectors.
Turning to the domestic turf, he said that after getting the allocation of Utkal D and E coal Blocks, NALCO is now hopeful of the Odisha government’s consent for allocation of the Pottangi bauxite Mines in Koraput district.