National Aluminium Company Limited is preparing a major expansion programme in Odisha that could involve investment of around ₹28,000–30,000 crore over the next three to four years, including a new aluminium smelter and power-generation capacity. The scale of the proposed investment makes it one of the most important long-term industrial stories for Odisha’s aluminium sector. NALCO’s expansion could strengthen the state’s position in the national aluminium value chain while generating demand for engineering, construction, logistics, equipment, maintenance and other supporting services. The investment is also important because aluminium is becoming increasingly important for electric vehicles, renewable-energy equipment, power transmission, packaging, aerospace and lightweight manufacturing. If Odisha can attract more downstream companies around its aluminium ecosystem, the state could capture a larger share of the value generated from its mineral resources. The proposed expansion therefore has implications not only for NALCO but also for Odisha’s industrial clusters and MSMEs. A large capital programme can generate opportunities for local contractors and suppliers during construction and potentially create a wider industrial ecosystem once production begins.