NALCO plans Rs 5,000 crore project in AP

HYDERABAD, FEB 5: The National Aluminium Company Limited (NALCO) chairman and managing director, P Parvathisem, today said that the company was ready to set up a plant estimated to cost Rs 5,000 crore near Chintapally in Visakhapatnam district of Andhra Pradesh.

The area was endowed with rich reserves of metallurgical bauxite to the tune of 500 million tonne. The mineral has great export potential and its optimum exploitation would help the state in terms of revenue, he pointed out during the course of his meeting with the Chief Minister N Chandrababu Naidu here, according to an official release.

The Chief Minister said his priority was tribal welfare, employment generation, investments in the state and the presence of mineral reserves in Chintapally area would give a fillip to all these programmes.