Noting that India has the world's 5th largest bauxite reserve, JSW Group Chairman Sajjan Jindal today said it his high time for the government to come up with some policy on Aluminium production in the country.
In a series of tweets, Jindal said aluminium is the second most consumed metal after steel. Power grade coal and bauxite are the only two basic requirements for producing aluminium and these are available in abundance in India.
"India has the world's 5th largest Bauxite reserve estimated at around 3.5 billion tonnes which is of a very high quality. It's high time our government comes up with some policy on aluminium production in India," he said in one of the tweets.
He further said that the government shall form SPVs (special purpose vehicles) to set up five ultra mega aluminium projects in India and package them with domestic power grade coal and bauxite. These SPVs will contribute majorly to our economy.
"Middle East has no reserve of bauxite or coal, and its only available natural resource is natural gas, but is already home to some of the world's largest aluminium smelters...
"Large number of jobs will be created through ancillary as well as tertiary operations. Huge amount of forex will come into India through aluminium exports and also due to domestically available raw material there will be no foreign exchange outflow," the steel tycoon said.
The bauxite deposits in India are largely available in economically weaker geographies. Hence, setting up of such large industrial complexes will significantly boost economic development of the region, he added.
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