State conditions Pottangi Mines for Nalco

Bhubaneswar: The state government has decided to reserve Pottangi Bauxite area of Koraput district for National Aluminium Company (Nalco) provided the aluminium giant fulfils certain conditions.

In a letter to the company, the Department of Steel and Mines said the company must draw a five year perspective plan for the over all development of the peripheral area and the development will be carried out by Nalco Foundation with a representative form the government.

It said, Nalco’s minimum contribution to the Foundation should be 2% of its profit after tax (PAT) or Rs 20 crore, whichever is higher and the contribution effective 01.04.2010 should be over and above the RPDAC.

According to the letter, the contribution should be over and above the additional benefits that may accrue on account of the proposed amendment of the MMDR Act.

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