Date | March 06, 2016:
High ranking Public Sector Understanding (PSU) NALCO has embarked on a programme to green the process of its production by investing around Rs 700 crore this year.The State-owned aluminium maker is going in a big way for renewable energy projects to reduce its dependence on the power generated by thermal plants.It has started using green power as a part of its cost-cutting exercise. It has two wind power plants at Andhra Pradesh and Rajasthan and is planning to set up two more very soon. The central PSU is also planning to set up a solar power plant at a suitable location in the country to meet its solar purchase obligation. It has also planned to produce nuclear power with Nuclear Power Corporation of India Limited at Kakrapar Atomic Power Station." Diversification in the wind power is a compulsion due to the Green Energy Regulation. As per the regulation, energy has either to be produced or purchased by the Company," NALCO apprised in its 12th Committee on Public Undertaking report.NALCO also informed that it has diversified most of its activities in power which are stated to provide a decent return of 15-16 percent." With the fast depleting coal and other mineral resources, NALCO's diversification plan in the power sector, which are profitable too have become necessary for its own survival," the Lok Sabha Committe on NALCO concluded.The PSU is also planning to produce power through its independent power plant module and sell it in the market to make profit. Besides, it plans to enter the sector of merchant mining, titanium production and other businesses to increase its profit to tackle the slow market.NALCO has put expansion, diversification into sustainable energy and other areas on top priority, besides focusing on exploring new and virgin markets, to tide over difficult phase faced by metal sector due to sluggish domestic and global markets.The company had clocked Rs 7,024 crore sales turnover in 2013-14. The Union Government holds 80.93 per cent equity of the company.
(Source: http://news.webindia123.com/)
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