NALCO signed MoU with Ministry of Mines for Higher Production

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Bhubaneswar, July 19: A MoU regarding financial and no-financial targets for the financial year 2016-17, based on the new DPE guidelines and finalized after the discussions with Inter Ministerial Committee and ministry of Mines has been signed between National Aluminum Company (NALCO) Navartna Central Public Sector Enterprise on Monday. Shri Balvinder Kumar, IAS, Secretary, ministry of mines and Dr. Tapan Kumar Chand, CMD Nalco New Delhi has signed the MOU.

As per the MoU, the target for revenue from operations, excluding excise duty, has been fixed at Rs.7100 crore. The MoU has also set higher targets for production of both alumina and aluminum as compared to the previous fiscal.  Nalco has set an annual production target of 21.30 lakh tonnes of alumina and 3.85 lakh tonnes of aluminum. The company had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminum in 2015-16.

Nalco has set a Capex target of Rs.1021 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 modernization activities.

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 were present on the occasion.

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