State-run National Aluminium Company (NALCO) will invest Rs 300 billion over the next five years to develop a new aluminium smelter and a coal-based power plant, Chairman and Managing Director Brijendra Pratap Singh announced on Thursday.

Speaking to reporters in New Delhi, Singh said approximately Rs 180 billion has been earmarked for setting up a greenfield smelter project in Odisha. The investment will be financed through a combination of internal accruals and debt. The remaining Rs 120 billion will go towards establishing a coal power plant, for which NALCO is currently in discussions with Coal India and NTPC.

Singh also shared that NALCO is actively exploring new coal and bauxite mining opportunities within India to secure long-term raw material supply. The company already operates integrated bauxite mining and alumina refining operations in Odisha.

Beyond domestic expansion, NALCO is eyeing global resources to support India’s growing electric vehicle ecosystem. The company is conducting eligibility assessments at five lithium mines in Argentina, a key source of the critical mineral used in battery manufacturing.

Through its joint venture, Khanij Bidesh India Limited (KABIL)—a collaboration with Hindustan Copper and Mineral Exploration and Consultancy Limited—NALCO is also pursuing equity investments in Australian lithium assets. These efforts align with India’s broader strategy to secure access to critical minerals and build a resilient supply chain for green technologies.