National Aluminium Company Limited (Nalco) has signed a Memorandum of Understanding (MoU) with the Union ministry of mines on the aluminium major's physical and financial targets for 2012-13.
As per the MoU, the company's turnover target has been fixed at Rs 7073 crore, which is Rs 500 crore higher than that of the current fiscal.
The aluminum major has projected annual production target of 6.3 million tonnes of bauxite and 2.1 million tonnes of alumina hydrate from its mines and refinery complex at Damanjodi in Koraput district. Similarly, aluminum production from the company’s smelter has been projected at 0.45 million tonnes while power generation has been projected at 6842 million units from its captive power plant (CPP) at Angul.
The MoU lays special emphasis on corporate social responsibility(CSR), sustainable development, research and development (R&D) and corporate governance of Nalco.
In addition, Nalco has set a target to establish and commission a nuclear power project in joint venture (JV) with Nuclear Power Corporation of India Ltd (NPCIL). Nalco has also proposed to set up a second wind power project of 50 MW capacity and a 15 MW solar power project.
It may be noted that NPCIL has floated a new company recently in joint venture with Nalco namely NPCIL-Nalco Power Company Ltd for the establishment of a nuclear power plant. Both the companies have selected Kakrapur units -3&4 of 700 MW each in Surat district of Gujrat as their first JV project with an estimated investment of Rs 11,500 crore.