Odisha Government Pushes NALCO To Go For Agreement With Midas Cables

Bhubaneswar, 5 May-2014, Abhijit Saha: Government of Odisha has asked National Aluminium Company (Nalco) to start steps for carry out a metal sales agreement with Midal Cables based in Bahrain, with the intension of building its wire rod factory in an aluminium park coming up in Odisha.

Odisha Government Pushes NALCO To Go For Agreement With Midas Cables

Odisha Government Pushes NALCO To Go For Agreement With Midas Cables

The industry department had to interfere because earlier in 2012, Nalco had refused to sign a supply agreement with Midal Cables. Nalco is also a joint promoter for the proposed aluminium park where Midal would build its unit. On 17th February 2014, the chairman of Midal Cables had met with the secretary of state industry department and wanted support for hot metal supply contract from Nalco.

Recently the secretary of state industries Vishal K Dev in a letter to the Chairman and Managing Director of Nalco said that at this juncture, a confirmation from Nalco is must to go for an agreement with Midas cables for supply of hot metal for the proposed aluminium park to get operational. He has also requested personal intervention of the Nalco Chairman for early disposal of the matter.

Midal Cables were asking for a long term supply agreement of 25 years with Nalco to which the later had rejected the offer. Nevertheless, Nalco has agreed to provide hot metal to all units regularly for establishment of the proposed aluminium park.

Midal Cables had proposed to set up an aluminium conductor and rod manufacturing unit in Odisha in the year 2012 with an investment of Rs 250 to 300 Crore. They wanted to come up with services for aluminium downstream and ancillary products near Angul which is presently being jointly developed by Idco and Nalco. Idco has allotted land to Midal Cables in the aluminium park.

The foreign investors wanted 30 to 40 acres of land in this aluminium park.

Vishal Dev in his letter said that Idco has aggregated over 120 acres of land and it is working with external connectivity infrastructure to make the park operational at the earliest.

Posted by on May 5, 2014. Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.