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03. August 2016

IN - Nalco Signs Memorandum of Understanding with Government Targeting Higher Output and Capex Totals

IN - Nalco Signs Memorandum of Understanding with Government Targeting Higher Output and Capex Totals

India’s Navratna CPSE National Aluminium Company Limited (Nalco) and the Ministry of Mines announced the signing of a Memorandum of Understanding setting forth higher output targets for the current fiscal year.

Under the memorandum, Nalco’s targeted revenue (less exise duty) has been pegged at US$1.06 billion. Output targets rose as well, to 2.1 million metric tons for alumina, and 385,000 metric tons of elemental aluminium. In the previous fiscal year, Nalco produced 1.95 million metric tons of alumina and 372,000 metric tons of aluminium.

Nalco also updated their capex target for the current fiscal year, according to the memorandum. The firm expects to invest US$152 million on projects including the development of Utkal D & E coal blocks, wind power projects in Maharashtra and Rajasthan of 50 MW each, the addition of fifth line in the Damanjodi, Koraput alumina refinery, and a 20 MW solar power project in Madhya Pradesh, and other modernization activities.

The memorandum was executed in New Delhi on Monday by Shri Balvinder Kumar, IAS, Secretary, Ministry of Mines, and Dr. Tapan Kumar Chand, CMD, Nalco. It was based upon new DPE guidelines and was finalized after discussions between representatives of Nalco and both the Inter-Ministerial Committee and the Ministry of Mines. Shri N.B. Dhal, IAS, Joint Secretary, Ministry of Mines, Shri N.R. Mohanty, Director (P&T), Nalco, Shri K.C. Samal, Director (Finance), Nalco and other senior officials of Ministry and Nalco appeared for the signing ceremony.

Nalco was established in 1981 as a public sector company administered by the Ministry of Mines. It is the largest integrated aluminium complex in Asia, and the sixth largest in the world. The complex conducts bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations. Nalco received ISO 9001:2000 for excellence in production technology and OHSAS 140001 for its occupational health and safety systems.

Source: aluminiuminsider.com

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