India’s government said last week that plans are in the works for a 300-acre aluminium business park in Angul alongside another 223-acre tract approved for a new aluminium park at the site.
The Odisha Industrial Infrastructure Development Corporation (IDCO) said that the process for building the new park was well underway.
India’s state industries secretary Hemant Sharma told local media that the plan is to complete the aluminium park in the next few years.
“Since the existing aluminium park has been developed on a small patch of land of 223 acres, we want to convert it into a mega aluminium park by developing similar infrastructure over an additional 300 acres of land. The Idco will soon start the land acquisition process as a target has been set to develop the aluminium park in three years.”
“Idco will try to make the land rates and other facilities comparable with other competing states,” he continued.
Sharma said that the necessary infrastructure to handle downstream and other secondary operations would be built alongside the aluminium plant.
No other terms were disclosed by IDCO. The financials were not revealed for the 300-acre project, but it is likely to be in the range of the 223-acre aluminium park project, which is estimated at ₹4.28 billion (US$55 million).