Nalco inks MoU with ministry of mines -Governance Now

Nalco inks MoU with ministry of mines

The MoU has also set 100 percent targets for production of both bauxite and alumina

GN Bureau | June 14, 2017

#Nalco #CPSE #MoU #PSU

Navratna CPSE National Aluminium Company Limited (Nalco) has signed an MoU with the ministry of mines, setting higher targets in production, productivity, turnover and CAPEX for current FY 2017-18 fiscal. The MoU was formulated as per the new department of public enterprise guidelines and finalised after discussions with both Inter-Ministerial committee as well as ministry of mines.

As per the agreement, the target for revenue from operations has been fixed at Rs 8,100 crore which is Rs 700 crore more than previous fiscal. The MoU has also set 100 percent targets for production of both bauxite and alumina i.e. 6.825 million tonnes and 2.1 million tonnes respectively.

Aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal. The targets are an all-time high for the company and are expected to push the profitability of NALCO despite increase in expenses on account of enhanced electricity duty, employee wage revision and power and fuel oil.

The company has a CAPEX target of Rs.1158 crore against Rs.873 crore achieved in 2016-17. The expenses are to be incurred in several new and ongoing projects like the 1 million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernization and up- gradation of Plant & equipments.

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