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Investors Seek Metal Security

Major Investors in the State are restive due to absence of raw material security and they have requested the State Government for making provisions for the industries keeping their investments in the sight.

One after another major investors have raised the issue with the State Government and with the presence of a proactive Industry Savvy Chief Secretary, Asit Tripathy, the Captains of Industry are hopeful of a favourable dispensation for the Investors.
 
While Jindal Steel & Power Limited (JSPL) Chairman Naveen Jindal raised the issue with Chief Secretary Asit Tripathy, Vedanta Limited, largest Investor in the State, which is facing tough time has also approached the State Administration for Raw Material Security.
 
In fact, in absence of Bauxite availability, Odisha Operations of Vedanta Alumina at Lanjigarh will be unmaintainable and economically unviable.
 
While Vedanta Limited has already invested Rs.52,000 Crore is expanding its Refinery at Lanjigarh with a new investment of Rs.6,500 Crores.

This will make the Refinery Plant of 2 Million Ton Per Annum (MTPA) to 6 MTPA Capacity.
 
Odisha Government had approved the Expansion Project in last April, 2018.
 
Let us make the analysis of Bauxite Requirement of for Vedanta Refinery.
 
For a 6 MTPA Plant, it requires 18 MTPA Bauxite and Vedanta has “Zero Raw Material Security”.
 
NALCO, which is having 2.28 MTPA Capacity of Refinery has the Bauxite Requirement of 6.8 MTPA and with mines available, the Central PSU has “Raw Material Security” for 56 years.
 
HINDALCO, which is having 1.5 MTPA Refinery Plant requires 4.5 MTPA of Bauxite and it has “Raw Material Security” for 45 years.
 
So it is high time that the State Government is needed to review its mechanism for providing “Raw Material Security” to the largest investor in the State, said a senior officer in the Department of Industries.
A major Bauxite Deposit is available at Sasubahumali, which is under control of Odisha Mining Corporation (OMC).

Operationalization of this Mineral Block will help the investors to take mineral for their requirement, officials say.
 
Expansion of Kodingamali Mines from 3 to 6 MTPA is needed, said a senior official.
 
Raising the “Raw Material Security” during his meeting withChief Secretary, Mr.Jindal pointed out that companies which have invested thousands of crores of rupees in Steel Plants and have created employment in thousands should be given preference in iron ore auction.
 
He had also requested for giving iron ore mines first for captive consumption and then for merchant mining.
 
Mr.Jindal also demanded for reduction in iron ore price because of fall in global steel price
 
JSPL has invested Rs.47,000 crore in Odisha in setting up the largest steel plant in the State.
 
 Odisha needs raw material security to become viable," he added.
 
JSPL buys about 1 million tonne iron ore every month in Odisha, making it the largest buyer of iron ore in the State. So JSPL needs “Raw Material Security”, urged Mr.Jindal, hoping for a favourable decision by the State Government.
 
 


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