Navratna CPSE National Aluminium Company limited (Nalco) has signed an MoU with the Union Ministry of Mines regarding financial and nonfinancial targets for the year 2016-17.
The MoU was signed between Ministry Secretary Balvinder Kumar and Nalco CMD Dr Tapan Kumar Chand in New Delhion Monday. The MoU was formulated as per the new DPE 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, 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.
The Nalco has set an annual production target of 21.30 lakh tonnes of alumina and 3.85 lakh tonnes of aluminium. It may be mentioned that the company had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminium in 2015-16.
The Nalco has also set a Capex target of Rs 1,021 crore, which includes projects like development of the Utkal D & E coal blocks, the wind power projects of 50 MW each in Maharashtra and Rajasthan, addition of a fifth stream in the existing alumina refinery at Damanjodi, a 20-MW solar power project in Madhya Pradesh and modernisation activities. Nalco Director (P&T) NR Mohanty and Director (Finance) KC Samal and other senior officials of Ministry and Nalco were present on the occasion.