National Aluminium

The spend builds toward a 500,000 tonne aluminium smelter and a 1,000 MW captive power plant targeted for FY30, inside a total programme the company has put at 28,000 to 30,000 crore rupees over three to four years. The escalation profile matters more than the FY27 number: the heavy years sit beyond FY28, so near-term cash flow stays largely intact while the commitment is already made.

The 4x270 MW plant locks in long-term captive power for NALCO's energy-intensive aluminium smelting, converting the February framework MoU into a signed JV.