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India: Larsen and Toubro plans Rs 20,000 cr project

Tuesday, Nov 14, 2006
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The Larsen and Toubro (L&T) group unveiled plans to invest over Rs 20,000 cr in Orissa, which will include establishment of an alumina refinery and a smelter unit. The group's CMD, A M Naik, announced this after holding discussions with CM Naveen Patnaik.

The company, which has been engaged in discussions with the state government since the past several months on its proposed aluminium project, however, has put a rider on its planned investment in the mineral sector.

It wants the state government to recommend its application for bauxite mining lease to the Centre before it starts investing in its proposed alumina refinery near Kashipur in Rayagada district. The company, according to officials, intends to have its smelter plant in Sambalpur district. Officials said L&T has planned its aluminium venture in association with Dubai Aluminium (Dubal).

"Our purpose in visiting the state was to expedite work on our proposed aluminium plant and other plans. We intend to invest Rs 15,000 cr in the aluminium project in two phases. But the state government has to recommend mining lease to the Government of India so that we can expedite the process," Naik said.

Steel and mines minister Padmanab Behera pointed out that going by the state's mineral policy, the application for mining lease can be forwarded to the Centre only after the applicant makes a certain percentage of the total investment.

If the L&T proposal materialises, then it will be the fourth major investment in the aluminium sector in the state after Hindalco, Vedanta Alumina Limited and Utkal Alumina International Limited. A number of other companies, including Orissa-based India Metals and Ferro Alloys (IMFA), have also evinced interest in entering the alumina sector.

Naik said the L&T group, which is a stakeholder in the Dhamra Port Company, is aiming to begin construction work in the Dhamra port project in January-February, 2007. The group has also agreed to build a bulk cargo handling berth at Gopalpur port. Naik added that the group is interested in participating in a rail corridor project in Gopalpur.

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