Nalco inks MoU with ministry of mines

The MoU has also set 100 percent targets for production of both bauxite and alumina

GN Bureau | June 14, 2017


#Nalco   #CPSE   #MoU   #PSU  

Navratna CPSE National Aluminium Company Limited (Nalco) has signed an MoU with the ministry of mines, setting higher targets in production, productivity, turnover and CAPEX for current FY 2017-18 fiscal. The MoU was formulated as per the new department of public enterprise guidelines and finalised after discussions with both Inter-Ministerial committee as well as ministry of mines.

As per the agreement, the target for revenue from operations has been fixed at Rs 8,100 crore which is Rs 700 crore more than previous fiscal. The MoU has also set 100 percent targets for production of both bauxite and alumina i.e. 6.825 million tonnes and 2.1 million tonnes respectively.

Aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal. The targets are an all-time high for the company and are expected to push the profitability of NALCO despite increase in expenses on account of enhanced electricity duty, employee wage revision and power and fuel oil.

The company has a CAPEX target of Rs.1158 crore against Rs.873 crore achieved in 2016-17. The expenses are to be incurred in several new and ongoing projects like the 1 million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernization and up- gradation of Plant & equipments.
 

Comments

 

Other News

It`s time to Unlock now, with economic focus

With Lockdown 4 ending Sunday, the home ministry has issued new guidelines to fight COVID-19 and for phased re-opening of areas outside the Containment Zones. The guidelines, issued based on extensive consultations held with states and UTs, will be effective from June 1 till June 30. The first phase of reo

Small kitchen gardens turn saviours for Gujarat tribal families

When the whole world is fighting COVID-19, food and nutrition security has become a major issue. The pandemic has aggravated the existing food crisis in India, especially in rural and tribal regions. There has been less availability of fresh foods in most parts of the country, and the tribal community has

India will set example of post-Covid-19 economic revival: Modi

India is determined to “set an example” for the rest of the word in the post-pandemic economic revival, prime minister Narendra Modi has said, underling the need to become self-reliant. “There is also a widespread debate on how the economies of various countries, including

3,543 ‘Shramik Special’ trains transport 48 lakh people in 26 days

Close to 48 lakh migrant labourers have been able to reach home from the cities they were working in, as the Indian Railways have run a total of 3,543 “Sharmik Special” trains from May 1. Following the home ministry order regarding the movement by special trains of migrant worker

How Jeevan Raths have helped 52,000 migrants in Maharashtra

Before the novel coronavirus hit it, Mumbai about 10-12 lakh labourers from elsewhere had made it their home. The figure for the state of Maharashtra was another 18-20 lakh. As the pandemic spread and the Maximum City emerged as the worst-hit place in India, all economic activities came to an end, and with

China is practicing attack as the best form of defence

For the rest of the world, it is not easy to understand China when it comes to politics or economics. Under pressure from the international community, it has accepted to open the country for a “comprehensive” probe into the origin of the deadly coronavirus. But it is not clear whether the Asian



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter