BHUBANESWAR: Aluminium major Nalco has proposed to invest Rs.20,550 crore in expanding its alumina refinery at Damanjodi and setting up an aluminium park at Angul in Odisha.
“Since the entire value chain of Navratna Nalco, starting from bauxite mining to aluminium making is based in Odisha, our major focus is to strengthen the investment climate of the state, thereby boosting Odisha’s industrial upsurge,” said Nalco CMD Tapan Kumar Chand said in a statement on Monday.
Chand was addressing during the Odisha investors’ meet at Make in India Week in Mumbai on Sunday.
“Besides rich in mineral and water resources, Odisha has good road, rail and port connectivity. On the ease-of-doing-business index, the state is bracketed with the best,” he added.
Chand further observed that the current slump in the international metal market is likely to continue for some time due to structural adjustment factors in different economies across the globe. In this context, Indian industries need to review their cost structure to remain competitive, he advised.
“Given the tough going in the market, Nalco has developed a new Corporate Plan with a new business model that will withstand market onslaughts and keep the company afloat with profitability even in the slump cycle,” Chand added.