Nalco's revenue pegged at Rs 7,100 crore in FY17

State-run aluminium firm has entered into a MoU with the mines ministry

State-run aluminium firm National Aluminium Company (Nalco) has entered into a memorandum of understanding (MoU) with the Union ministry of mines, pegging higher production targets for alumina and aluminium and also envisaging a higher turnover for this financial year.

As per the MoU, the target for revenue from operations, excluding excise duty, has been fixed at Rs 7,100 crore. In the current financial year, Nalco has set an annual production target of 21.30 million tonnes (mt) of alumina and 0.38 mt of aluminium. Last financial year, Nalco produced 1.95 mt of alumina and 0.37 mt of metal.

The navratna PSU has set a capital expenditure target of Rs 1,021 crore. The amount would be pumped into development of Utkal D&E coal blocks, wind power projects of 50 Mw each in Maharashtra and Rajasthan, addition of fifth stream in the existing alumina refinery at Damanjodi in Koraput district, a 20 Mw solar power project in Madhya Pradesh and other modernization activities.

 

Nalco's Chairman & Managing Director T K Chand signed the MoU with Balvinder Kumar, Union mines secretary in the presence of senior officials of the ministry and Nalco.