Assembly resolution against Nalco disinvestment demanded

Bhubaneswar: Upset over the Centre's decision to sell 12.15 per cent of share from Nalco, the employees of the Navratna company on Saturday urged the state government to pass an unanimous resolution in Odisha Assembly against the disinvestment process.

"We will request to pass an unanimous resolution in Odisha Assembly and forward it to the Centre to refrain from Nalco's disinvestment process," Suryamani Samal, chairman of Nalco Central Co-ordination Committee told reporters after employees met Chief Minister Naveen Patnaik here.

He said that privatisation of the Navratna company would come as a major hindrance to the industrial and socio-economic development process of Odisha.

With completion of the second phase of expansion of Nalco, the present market value of Nalco share is around Rs 53 per share against the face value of Rs 5 per share, Samal said, adding the company would get back return on the investment after full capacity expansion.

"On completion of all the expansion projects, Nalco a zero debt company, will become a leading public sector of the country with substantial increase in its production, sales turnover and profitability which will fulfil our dream to become a Maharatna company," he said after presenting a memorandum.

Nalco has made substantial contribution to the central government and the state government, the memorandum said.

While Nalco's contribution to central exchequer was Rs 15,678 crore, the company had given Rs 3,306 crore to the state exchequer, it said.
"In addition to this, till date the company has paid an amount of Rs 3,659.62 crore towards dividend to the central government," Samal said.