Nalco inks MoU to meet Rs 7,100-cr rev target,increase output

Bhubaneswar: State-run Nalco today inked a pact with the Union Ministry of Mines to meet revenue target Rs 7,100 crore revenue from operations.

The MoU was formulated as per the new guidelines of Department of Public Enterprises and finalised after discussions with both an Inter-Ministerial Committee as well as Ministry of Mines.

The MoU was signed between Balvinder Kumar, Secretary, Ministry of Mines and Dr Tapan Kumar Chand, CMD of Nalco in New Delhi today, a company release said here.

As per the MoU, the target for revenue from operations, excluding excise duty, has been fixed at Rs 7,100 crore. The MoU has also set higher targets for production of both alumina and aluminium as compared to the previous fiscal, it said.

Nalco has set an annual production target of 21.30 lakh tonnes of alumina and 3.85 lakh tonnes of aluminium. The company had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminium in 2015-16, it said.

Nalco has also set a capex target of Rs 1,021 crore, which includes projects like development of Utkal D&E Coal Blocks, Wind Power Projects of 50 MW each in Maharashtra and Rajasthan, addition of 5th stream in the existing Alumina Refinery at Damanjodi, Koraput, a 20 MW solar power project in Madhya Pradesh and other modernisation activities, the release added.