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Sources from Nellore stated that Rs. 4000 Crore high end aluminium alloy development and manufacturing facility is being set up as a Joint Venture between MIDHANI and NALCO in Nellore District of Andhra Pradesh. Reportedly Vice President M Venkaiah Naidu will lay the foundation stone on August 26, 2019 at Bodduvaripalem, Nellore District in Andhra Pradesh and Defense Minister rajnath singh has invited AP Chief Minister YS jagan to attend the function.
Meanwhile the Vice President has taken a keen interest in the setting up of this plant in Nellore district and has held extensive discussions over the past one and half years with DRDO, NALCO, MIDHANI and others concerned. Furthermore he also took up the need for early clearance with the NITI Aayog, which finally agreed on the viability of the project after holding discussions with the stake-holders involved in the project.
Moreover following the assurance and allotment of the land, the Vice President held a meeting with NALCO, MIDHANI, Ministry of Mines along with Chairman, DRDO and agreed to lay the foundation stone during his forthcoming visit to the district. Apparently the project is estimated to be completed within 36 months and financing of the project is proposed with Debt Equity ratio of 70:30. Equity contribution from MIDHANI and NALCO is proposed at Rs. 171 Cr. each which cumulatively works out to 25.10% and the remaining contribution will be made by technology Partners and /or other Equity participants / through bank by issuing Compulsory Convertible Debentures (CCD) / loans.