Pottangi Bauxite mines lease granted to NALCO

The Bauxite mine of Koraput has been given on an extended lease to NALCO.

The Dollar Business Bureau

National Aluminum Company Ltd, (NALCO) a Navratna Central Public Sector Enterprise, under Ministry of Mines, has been granted lease of Pottangi Bauxite mines, Odisha.

The Bauxite mine, whose lease has been extended to NALCO, is situated in Koraput of Odisha, where NALCO’s 22,75,000 tonne capacity lumina refinery is based.

NALCO, on Wednesday, stated that the lease of Pottangi which is spread across 1,738 hectares, has been granted for 50 years.

The department of steel and mines, recently, issued an order announcing about the lease, said the Navratna PSU in a release.

Tapan Kumar Chand, Chairman-and-Managing Director of Nalco, stated that the company now has to live up to the expectations of both state and the Centre, and also the people of the state. It is now NALCO’s turn to keep up to the expectations through Corporate Social Responsibility initiatives, investments and expansion plans, he added.

The expansion plans of NALCO including the proposal of adding 5th stream in the present Alumina refinery, with a whopping investment of Rs. 5,600 crore, majorly depends upon bauxite sources.

Nalco, a group ‘A’ CPSE, has diverse and integrated operations in mining, power and metal with turnover of about Rs. 7,024 cr logged in FY14. Currently, the Government holds 80.93% of equity shares in Nalco.

NALCO, whose headquarter is located at Bhubaneshwar, has its units at Nalconagar, Angul and Damanjodi.

NALCO is Asia’s largest and world’s top sixth integrated aluminum complex comprising bauxite mining, aluminum smelting, casting, refining, power generation and rail-port operations.

 

The Dollar Business Bureau - Jul 14, 2016 12:00 IST
 
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