National Aluminium Company (Nalco) is in the process of setting up a fifth stream in its existing alumina refinery in Odisha, an official said on Saturday.

The refinery will add one million tonnes per annum (MTPA) to its existing capacity of 2.275 MTPA at a capital expenditure of Rs 5,540 crore.

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“The fifth stream will come up at its existing alumina refinery at Damanjodi in Koraput district and it is based on improved Medium Pressure Digestion technology,” said Nalco Chairman and Managing Director Tapan Kumar Chand on the occasion of the 36th Annual General Meeting of the company.

“Major statutory clearances like environmental clearance by Ministry of Environment and Forests (MoEF), Consent to Establish (CTE) from Odisha State Pollution Control Board and clearance from High Level Clearance Authority (HLCA) of Government of Odisha have been obtained,” said Chand.

While Pottangi bauxite mines (75 million tons) has been reserved by the Centre in favour of Nalco, Utkal D and E coal blocks (200 million tons) have been allotted to the company.

Chand said the company is in the process of transfer of land and other statutory clearances for Utkal D coal block from prior allottee in its favour while mining plan for Utkal-D and E submitted to the Centre for approval.

He also informed that the company is developing a new corporate plan and a new business model to withstand market onslaughts and keep the company afloat with profitability.

“The New Business Model (NBM) shall enable Nalco to strengthen its business by leveraging its core competency in mining, metals and energy sectors, through modernisation, Greenfield and Brownfield expansions, upstream and downstream integration,” said Chand.

He said the model also envisages diversification into green power, IPP, caustic soda, rare metal like titanium, recovery of iron from red mud waste and merchant mining that are immune to downturn in metal market.

This NBM will not only give a new dimension to the company’s growth plans but also redefine business sustainability, he added.

He said Nalco has commissioned its wind power plant of capacity 50 MW and 50.4 MW in the state of Rajasthan and Maharashtra, respectively, at a capital expenditure of Rs 701 crore.

The company has decided to develop an aluminium park at Angul while it has formed a joint venture with NTPC for establishment of 3X800MW coal-based power plant at Gajamara in Dhenkanal district of Odisha for supplying power to smelter expansion projects.