Poised for a big leap in its diversification plan, aluminium giant NALCO is all set to invest around Rs 40,000 crore (Rs 400 billion) to make a foray into energy sector besides implementing a host of new projects and expansion works.
"The company has taken up several greenfield projects. As part of this drive, plans are afoot to set up a new smelter in Western Odisha with an investment of about Rs 16,000 crore (Rs 160 billion)," NALCO CMD B L Bagra said.
The project is now being pursued with the Odisha government by the Navaratna PSU, he said.
The company is also planning to set up a Rs 4,500 crore (Rs 45 billion) alumina refinery in Gujarat with one million tonnes per annum capacity. Preparation of Detailed Project Report (DPR) has been taken up, Bagra said.
In addition, the company also has plans to set up a 1.4 million tonnes per annum alumina refinery in Andhra Pradesh, based on bauxite reserves in that state. "To start with, some CSR works have been undertaken in the vicinity," the NALCO CMD told reporters in Bhubaneswar.
Turning to the aluminium major's diversification plans, Bagra said in energy sector, the company has formed a Joint Venture with Nuclear Power Corporation of India [ Images ] Ltd (NPCIL) to set up nuclear power plants in India.
Both the partners have selected Kakrapar Units 3 and 4 of 700 MW each in Gujarat as their first JV project with an estimated project cost of Rs 11,500 crore (Rs 115 billion), he said.