The National Aluminium Company (Nalco) is planning to invest Rs579bn ($12bn) in expansion projects in India and Indonesia by 2020.
NALCO will spend $3.6bn to set up a 5Mt aluminium smelter and power plant in Indonesia.
In India, the company will invest $3.5bn in another aluminium smelter, which will be built in two phases in Western Orissa.
The firm is also planning to construct a new $2.3bn alumina refinery in Andhra Pradesh, India, with a capacity of 1.4Mt.
The funds will also go towards establishing three subsidiaries, Nalco Metals, Nalco Power and Nalco International, which will enter into other non-ferrous metals and energy businesses, reports the Press Trust of India.