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Sat, 18th Jun 2016 (Source:Business Standard)
The state government has identified 240 acres of land for a downstream aluminium park proposed by Vedanta Ltd. The downstream park is coming up close the site of Vedanta's aluminium smelting facility at Jharsuguda.
Vedanta had proposed to establish the park at the 'Make in India' week held in February this year. This state-of-the-art plug-and-produce aluminium park will be set up across 240 acres of land, providing an exclusive ecosystem for industries dependent on as well as manufacturing aluminium conductors, extrusions, castings, foils, powder and paste.
For commissioning of the proposed park, Vedanta would sign a memorandum of understanding (MoU) with the Odisha government.
The park has the potential to attract over Rs 1,000 crore of investment, which can be operationalized within a relatively short time-frame. In full capacity, the park can generate direct and indirect employment to approximately 17,000 people. With this kind of infrastructure, Odisha can become the aluminium hub of the world.
The medium to long-term outlook for aluminium production in Odisha is extremely positive. The state has abundant reserves of bauxite and accounts for 55% of India's deposits. Coal, another important raw material for the smelters, is also available in abundance in the state. Easy proximity to the domestic markets and the geographical advantage of a large coastline which gives quick access to ports and the export market make Odisha a favourable destination for downstream industries.
The park will facilitate easy transport of aluminium in liquid form, resulting in substantial cost savings that will be a game-changer for the downstream industries. With a holistic ecosystem in place, the park is expected to attract a large number of aluminium/aluminium based industries generating huge revenues and employment in the region.
Separately, National Aluminium Company (Nalco) and state owned agency for infrastructure development- Odisha Industrial Infrastructure Development Corporation (Idco) are developing an aluminium park at Angul.
Grid Conductors Ltd, a 100% subsidiary of Power Grid Corporation of India Ltd (PGCIL), has proposed to establish an aluminium and aluminium alloy conductor unit in Odisha, committing an investment of Rs 127.35 crore. Bahrain based investor Midal Cables has also proposed to set up an aluminium conductor unit in the park. Both the investment proposals have been cleared by the State Level Single Window Clearance Authority.
The aluminium park at Angul is being developed by a special purpose vehicle (SPV) called Angul Aluminium Park Private Ltd (AAPPL), with shareholding of 50.50% and 49.50% between IDCO and NALCO respectively. The park will be developed over 450 acres of land and 160 acres will be taken up for development in the first phase.
A wide variety of industries using aluminium conductors, extrusions, castings, foils, powder and paste can be set up at the Angul Aluminium Park. Nalco has already agreed to to supply 50,000 tonne per annum (tpa) of molten metal to the aluminium park at Angul for promoting downstream industries.