According to reports, “NALCO is embarking upon an ambitious growth plan involving a massive investment of more than Rs 33,000 crore in next three to four years, not only in aluminium sector but also in energy sector,” chairman and managing director Ansuman Das told reporters.
“Nalco has begun a new odyssey to conquor the challenges of present and threats of future with its new Corporate Plan … This will give a significant boost to the company’s productivity and profitability,” he said.
The plan encompasses expansion – both brownfield and greenfield, diversification into energy and non-ferrous metal sectors, backward integration, merger and acquisition, Das said after NALCO’s annual general meeting held here on Friday.
On Nalco’s foray into energy sector, Das said the company had formed a joint venture with Nuclear Power Corporation of India (NPCIL) to set up nuclear power plants.
Both the partners have selected Kakrapar Units 3 and 4 of 700 Mw each in Gujarat as their first joint venture project with an estimated project cost of Rs 11,500 crore, he said, adding construction work had already started and the project was scheduled to be commissioned by December, 2015.
In pursuit of harnessing renewable energy sources, Nalco has entered into new business of wind power generation with the establishment of 50.4 Mw wind power plant at Gandikota in Andhra Pradesh at an investment of Rs 274 crore.
Second wind power plant of 47.6 Mw is being set up in Rajasthan with an investment of Rs 283 crore. Another plant has been planned in Nalco’s own mined out area at Panchpatmali in Koraput district of Odisha.