PTI
Bhubaneswar
Buoyed by a massive 106 per cent jump in profit, aluminium giant Nalco is all set to invest over Rs 65,000 crore to launch ambitious projects in the country and overseas, besides undertaking expansion and diversification into power and mining sectors in a big way.
"Investment to the tune of Rs 65,000 crore is proposed to be made for a number of projects, including a greenfield aluminium smelter abroad," Nalco's CMD, TK Chand said.
The company is exploring countries like Oman, Iran and Indonesia to set up the proposed smelter plant with an estimated investment of Rs 20,000 crore, he told reporters adding the location would be finalised after examining factors like availability of low cost power and infrastructure.
"The smelter unit is sought to be of 5 MTPA capacity together with 150 MW captive power plant", Chand said adding though Nalco is ready to go for the project alone, it is open to a joint venture if a suitable partner comes forward.
"While power is cheap in Oman and Iran, abundant coal is available at low cost in Indonesia. Port facilities would also be a major factor", the CMD said.
Turning to domestic turf, Chand said after getting the much awaited and much needed allocation of Utkal D and E coal Blocks, Nalco is now hopeful of Odisha government's consent for allocation of Pottangi bauxite Mines in Koraput district. Maintaining that Odisha would remain the company's first choice of investment and expansion, Chand said some preliminary clearances have been obtained for the proposed Sundargarh project and Nalco has applied for single window clearance from Odisha government.
A number of ventures have been taken up in Gujarat where the aluminium major is pursuing to set up an alumina refinery with 0.5 MTPA capacity for which detailed Project Report (DPR) has been prepared and talks are on with GMDC for availability of bauxite.
On other ventures in Gujarat, the CMD said Nalco had also planned to set up a 2.7 lakh TPA caustic soda plant along with a 100 MN captive power plant at Dahej at an estimated investment of Rs 1,789 crore in joint venture with Gujarat Alkalies and Chemicals, for which a JV-cum-shareholder's agreement was signed in June, this year.
Regarding Nalco's forays into non-conventional energy sector, Chand said the company was fast emerging as a leading green energy player with renewable power projects in Rajasthan, Andhra Pradesh and Maharashtra".
On the upcoming green energy projects, Chand said a 100 MW wind power project was proposed to be set up at a suitable location in India at an estimated investment of Rs 660 crore.
In the current fiscal, Nalco targets to raise its total metal sales to 3,80,000 tonnes from 3.26 lakh tonnes during 2014-15, he said.
