The state-owned Navratna firm National Aluminium Company Limited (Nalco) never misses to top the headline either because of its new project plan or new collaboration or extraordinary business achievements. Recently, according to a report published in Reuters, Nalco is planning to invest INR 55.2 billion in the eastern state of Odisha for expanding production capacity.
As the government stated on Tuesday, September 18, the company aspires to manufacture aluminium products in the new expansion. The proposal has already been sent to a panel headed by the state’s chief minister for approval, as per the Reuters’ report.
Investment proposals have also started pouring in worth INR 74.16 billion by now, mainly from Indian companies, said the state government further. Besides increasing manufacturing capacity, the company aims to expand the room for employment as well.
Early last month, Nalco had even come forward with bauxite mining plan in the agency area of Visakhapatnam district, along with a plan to set up an aluminium plan. The state-run aluminium major also laid a foundation stone last month to set up a new aluminium wire rod manufacturing facility worth 131 crore at its existing plant at Angul.
As per the performance report in late August, Nalco’s Panchpatmali Bauxite mines achieved 100 per cent capacity utilisation in 2017-18 fiscal. It is rated as the second lowest cost producer in the World in 2017 as per report of Wood Mackenzie, is aiming to become the lowest cost bauxite producer in FY 2018-19.
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