Nalco inks MoU with India Ministry of Mines to meet INR 7,100cr revenue target

State-run National Aluminium Company Limited (Nalco) has inked a Memorandum of Understanding (MoU) with the Union Ministry of Mines, India, to meet an ambitious revenue target of INR 7,100 crore (excluding excise duty) from its operations, the company said in a release. The Mou was signed between Dr Tapan Kumar Chand, CMD of Nalco and Balvinder Kumar, Secretary, Ministry of Mines, in New Delhi yesterday.

The MoU, formulated as per the new set of guidelines of the Department of Public Enterprises, will be finalised only after discussions with both the Ministry of Mines and an Inter-Ministerial Committee.

As per the memorandum, the MoU has set higher production targets for alumina and aluminium vis-à-vis previous fiscal. Target for alumina production has been raised at 21.30 lakh tonnes per annum and that for aluminium at 3.85 lakh tonnes per annum. In 2015-16, Nalco had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminium, the release said.

The company has also set a capex target of INR 1,021 crore; it includes projects like a 20 MW solar power project in Madhya Pradesh, development of Utkal D&E Coal Blocks, addition of 5th stream in the existing Alumina Refinery at Damanjodi, Koraput, Wind Power Projects of 50 MW each in Maharashtra and Rajasthan, and other expansion and modernisation activities, the release added.