Bhubaneswar: With aim to promote investments in downstream aluminium sector, the State government on Monday held talks with over 70 Indian companies and invited them to invest in downstream ecosystem.
The Industries Department organised the event here in association with the Confederation of Indian Industry and highlighted the advantages of investing in Angul Aluminium Park, a first-of-its-kind project in the subcontinent with the facility to directly obtain molten aluminium from the smelter.
With the demand of aluminium expected to rise further, the State is setting up the Angul park. The state is the largest aluminium producer in India and accounts for 54 per cent of the country's total smelting capacity.
Spread over 223 acres, the park will create ample opportunities for downstream industries in the state, said an official.
CII Chairman (Odisha) and Nalco CMD T.K. 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 also assist investors in setting up their operations."
The downstream industry will have a cost benefit of Rs 10,000 per tonne and enough raw material committed to them. Nalco will provide hand-holding to all downstream and ancillary units, said Chand.
Industries Secretary Sanjeev Chopra said: "Odisha is a mineral rich state and by developing world-class infrastructure, we aim to provide an ideal business ecosystem for all related sectors to flourish. We have already received several investment proposals for the Angul park and aim to create around 15,000 job opportunities through the project."
Investments in aluminium downstream sector have been gaining momentum in Odisha. Over five years, the state has attracted investments of Rs 893 crore, including proposals by Bahrain-based Midal Cables and Power Grid Corporation of India (PGCIL) subsidiary Grid Conductors.
Four of the five proposals drawn are for the aluminium park developed jointly by Nalco and Odisha Industrial Infrastructure Development Corporation at Angul.
S.K. Mohanty, CEO, Angul Aluminium Park, said: "Odisha accounts for 50 per cent of the aluminium production in the country. The aluminium refining capacity has gone up to 5.775 million tonnes per annum (MTPA) from 0.80 MTPA and smelting capacity to 2.634 MTPA from 0.509 MTPA. Availability of abundant raw material from Nalco, Vedanta will be very crucial for the downstream aluminium and ancillary industry."
Companies from India like KEI Industries, Jindal Steel, Havells India, Indian Oil, Hindustan Petroleum Corporation Limited and Sterlite Technologies Ltd attended the event.