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Nalco signs MoU with Centre, sets target of 9,350 crore in 2018-19 FY

Bhubaneswar: Aluminium major and Navratna CPSE National Aluminium Company Limited (NALCO) has signed MoU with the Union Mines Ministry for setting highest ever target of Rs 9,350 crore revenue from operations for FY 2018-19 which is 15 per cent higher than last year.

The MoU was signed between Anil Gopishankar Mukim, Secretary, Ministry of Minesand Dr Tapan Kumar Chand, CMD, Nalco in New Delhi on Monday evening.

Mukim, Secretary, Mines complimented Nalco management for the excellent performance of the company, high standard of Corporate Governance in 2017-18 and robust business plans for 2018-19. The MoU has been formulated as per Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.

The MoU has also set a target of 2.1 million tons for production of Alumina with 100 per cent capacity utilisation and an optimum Aluminium production target of 4.15 lakh tonnes. It sets a target of reduction in net carbon consumption as part of improvement in production efficiency, apart from giving thrust to commercialisation of new R&D products.

The Company has set a challenging CAPEX target of Rs 1100 crore for the year 2018-19. The expenses will be incurred in several projects like the 1 million tonne 5th stream of Refinery, Utkal-D&E coal blocks, wind power projects, JV projects and modernization and up- gradation of plant equipments. In yet another strategic move on the human resource front, target is also set for assessment of employees through People Capability Maturity Model (PCMM) and implementation of online human resource management system.

The targets will enable the company to synchronize its workforce and skill set in line with the new corporate plan.

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