Date | Sept 27, 2015:
Buoyed by 106 per cent jump in profit, aluminium giant NALCO is all set to invest over Rs.65,000 crore to launch ambitious projects in the country and abroad, besides undertaking expansion and diversification into power and mining sectors in a big way.
“Investment to the tune of Rs.65,000 crore is proposed to be made for a number of projects, including a green-field aluminium smelter abroad,” Chairman-cum-Managing Director of the Navaratna PSU, T. K. Chand said.
The company is exploring countries like Oman, Iran and Indonesia to set up the proposed smelter plant with an estimated investment of Rs.20,000 crore, he told reporters adding the location would be finalised after examining factors such as availability of low cost power and infrastructure.
The smelter unit is sought to be of five million tonnes per annum (MTPA) capacity together with 150 MW captive power plant, Mr. Chand said adding though NALCO is ready to go for the project alone, it is open to a joint venture if a suitable partner comes forward.
While power is cheap in Oman and Iran, abundant coal is available at low cost in Indonesia. Port facilities would also be a major factor, he said.
He said that NALCO’s 106 per cent jump in profit in 2014-15 was a major achievement of the company which was made possible through a slew of measures including cost cutting. The company clocked a profit of Rs.1322 crore in 2014-15 fiscal against Rs.642 crore during the previous year. In the current fiscal, NALCO targets to raise its total metal sales to 3.80 lakh tonnes from 3.26 lakh tonnes during 2014-15, he said.
Referring to corporate social responsibility activities, Mr. Chand said said NALCO had submitted a Rs.300 crore plan to the Odisha Government. The company’s CSR activities were focused on development of villages located within 15 km radius of the company’s mines and other operations including refinery complex at Damanjodi, smelter and power complex at Angul and the proposed mining areas in Odisha and Guden and KR Konda in Andhra Pradesh.
Investment of Rs.65,000 crore is proposed to be made for a number of projects
The smelter unit is sought to be of 5MTPA capacity together with 150 MW captive power plant
NALCO is ready to go for the smelter project alone, it is open to a JV also
(Source: http://www.thehindu.com/)