Centre sanctioned Aluminium Park at Odisha's Angul at a cost of around INR 125 crore

The Union Government has sanctioned the State’s much-awaited proposal for establishment of an Aluminium Park at Angul at a cost of around INR 125 crore. The project is expected to attract investment worth INR 500 crore in the initial phase, said an Industries Department official.

The apex committee on Modified Industrial Infrastructure Up-gradation Scheme (MIIUS) has approved the project and the Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry has sanctioned it, the official informed

The Industrial Infrastructure Development Corporation (IDCO) of Odisha and the National Aluminium Company Limited (Nalco) have formed a Special Purpose Vehicle (SPV) in the name of Angul Aliminium Park Private Limited to develop the project at Angul near the Nalco smelter plant, which will continuously supply raw materials to the proposed industrial units to come up in the park.

The park will come up in an area of 454 acres, where at least 50 industrial units will come up. Initially an investment of INR 500 crore is expected with domestic turnover of INR 2,500 crore and export of INR 500 crore, said official sources.

This facility will create direct employment opportunities for at least 4,500 persons and indirect opportunities for 10,000 people. It is estimated that INR 124.82 crore will be spent for establishment of the park. The Centre would provide INR 44.62 crore, said the official.

Owing to its locational advantage, more than 50 industries including leaders in Aluminium Sector like Midal Cables Ltd, Baharin, Metal Powder Company Ltd has shown keen interest to invest in the proposed Park, said the official.