Vedanta on Tuesday said it would invest 6,611 million over the next two years to strengthen Belco’s power.Bharat Aluminum Company (Balco) is a Vedanta Group company.In addition, its carbon offset plant business in Jharsuguda, Odisha, will set up a new carbon power plant at a cost of Rs 635 crore.
“Vedanta … has announced a major expansion in the steel sector of the Barat Aluminum Company (Balco), which will include an investment of R6,611 in the next 18-24 months,” the mine manager said in a statement.
Balco’s melting capacity, as a result, will increase by 414 million tons per year (KTPA), taking its total capacity to close to one million tons.With this new investment, the value-added product portfolio will increase to 92%.
“Balco’s expansion is an important task for us. We hope to increase the amount of solvents in the next 18 to 24 months. After this expansion, Vedanta aluminum capacity will increase to 2.8 million tons,” said Vedanta Group CEO Sunil Duggal.
also read : Haryana govt increases dearness allowance from current 17% to 28%
In February this year, Vedanta’s board of directors approved the expansion of Lanjigarh Alumina Refinery to five million tonnes (MTPA) from the existing two MTPAs, at a cost of Rs 3,780 crore.Upon completion of this project, Lanjigarh Alumina Refinery will be one of the world’s largest alumina refineries.
Vedanta’s aluminum business put a strong momentum in the first quarter of continued investment with the highest production ever at 549 million tons (KT), with a limit of 36 percent.The company was recently awarded the Kuraloi (A) North coal block in Jharsuguda, which will be the equivalent of its smelting unit.
The company is focused on reducing its production costs by about USD 300 per ton to about USD 1,200 per ton over the next two years. This will help improve fulfillment and profits from the aluminum industry as a whole, Duggal said.
