Nalco to invest Rs 20,550 cr for expansion of alumina refinery
Bhubaneswar: Odisha-based Navratna PSE Nalco has announced investment of Rs 20,550 crore for expansion of its alumina refinery at Damanjodi and setting up an aluminium park at Angul in the state.
“Since the entire value chain of Nalco, starting from bauxite mining to aluminium making is based in Odisha, our major focus is to strengthen the investment climate of the state thereby boosting Odisha’s industrial upsurge,” said T K Chand, CMD, Navratna PSE Nalco.
Claiming that Nalco played a major role in Odisha Investors’ Meet at Make in India Week in Mumbai, the aluminium major said it was committed for boosting industrialisation in the state.
Addressing representatives of different industries, entrepreneurs, bureaucrats, delegates from within and outside the country at the investors’ meet yesterday, Chand said “Besides being rich in mineral and water resources, Odisha has good road, rail and port connectivity. On the ease of doing business index, the state is bracketed with the best.”
“Moreover, the entire state is dotted with engineering and management colleges, diploma and ITI institutes to source skilled manpower. At the same time, the recent ‘smart city’ tag pinned on Bhubaneswar by the Centre is an added advantage,” Chand said.
Stating that the current slump in international metal market is likely to continue for some time due to structural adjustment factors in different economies across the globe, Chand said, adding Indian industries need to review their cost structure to remain competitive.
“Given the tough going in the market, Nalco has developed a new corporate plan with a new business model that will withstand market onslaughts and keep the company afloat with profitability even in the slump cycle,” he added.