Nalco eyeing Jerrela block of bauxite ore in Andhra Pradesh
Public sector National Aluminium Company (Nalco) is reportedly eyeing Jerrela block of bauxite ore in Visakhapatnam district for allotment. The news came after Nalco Chairman and Managing Director T.K. Chand told The Hindu that company requested the Centre to allot it Jerrela block that homes huge reserves of high-grade bauxite ore.
The navratna company had revived its proposal for bauxite mining and investment on aluminium complex in Visakhapatnam district generating a lot of interest among various circles in the mid-last year. It had even proposed to establish a greenfield refinery with a capacity of 1.4 million tonnes to 2 million tonnes in Visakhapatnam with an investment of ?7,000 crore to ?12,000 crore. However, the proposal is still pending before the Centre. The company hopes that its investment plan in consultation with the Andhra Pradesh government would not come in the way of implementing of Land Transfer Regulation Act.
Beside all this, the company is also determined to increase its net profit to the level of INR 1,700 crore during the current financial year ending on March 31. During the next two years, its business plan speaks of taking the level of net profit to more than INR 2,000 crore.
With plans to open Utkal D coal block near Talcher in Odisha by end of 2019, its objective seems to be in well achievable limits.