Financial Daily from THE HINDU group of publications
Thursday, Jan 26, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 26, 2006 |
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Corporate
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New Projects NALCO plans expansion Our Bureau
Hyderabad , Jan. 25 A CENTRAL team led by Union Secretary (Mines), Mr A.K.D. Jadhav met the Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy on Wednesday and proposed that NALCO was looking for areas of expansion in Bauxite mining. It was prepared to invest Rs 5,000 crore for mining and establishment of the refinery to produce alumina. The Chief Minister after considering the proposal stated that the mining lease for bauxite mining should be in the name of the A.P. Mineral Development Corporation Ltd (APMDC), for effective management of environmental issues and rehabilitation of the tribal populations. NALCO has, however, suggested that the mining lease could be either in their own name or in the name of a joint venture company with APMDC Ltd, where majority shareholdings and management control would vest with NALCO. The Chief Minister has indicated that the proposal of NALCO would be considered and at the same time the proposal of the State Government to go for mining lease in the name of APMDC Ltd, may also be considered by the Government of India. Earlier, the Central team had a detailed meeting with the Chief Secretary, Mr T.K. Dewan and presented the proposal of NALCO for taking up bauxite mining project and alumina refinery at Jerrala, Visakhapatnam district. The Chief Secretary assured the team that the State Government would examine their proposal.
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