Nalco, Mines Ministry ink MoU for higher production, sales

Sales turnover target has been fixed at Rs 7,757 cr, which is 10% higher than that of current fiscal

National Aluminium Company Ltd (Nalco) has signed an agreement with the Union Ministry of Mines regarding physical and financial targets for 2013-14 financial year.

As per the Memorandum of Understanding signed yesterday in New Delhi between Union Mines secretary R H Khwaja and Nalco Chairman and Managing Director Ansuman Das, the sales turnover target has been fixed at Rs 7,757 crore, which is about 10 per cent higher than that of the current fiscal, a company release said.

As regards physical performance, Nalco has been given an annual production target of 64.50 lakh tonnes of bauxite, 21.5 lakh tonnes of alumina, 4.05 lakh tonnes of aluminium and power generation of 6341 million units, it said.

Among new projects, the proposed milestones would be a new alumina refinery in Gujarat, addition of a new stream of 10 lakh tonnes in the existing alumina refinery based on Pottangi bauxite deposit, Nalco's third wind power project at Damanjodi and the solar power project at any suitable location in the country.

Besides, the company has set targets for on-going Utkal-E coal mine project at Angul and upgradation of 4th stream of alumina refinery at Damanjodi.

As part of its Corporate Social Responsibility activity, Nalco shall continue to provide free education to 250 tribal children of peripheral villages of Mines and Refinery complex at Damanjodi, the company said.