State-run National Aluminium Company (Nalco) today said it planned to diversify into nuclear power generation by investing Rs 11,450 crore jointly with Nuclear Power Corporation of India in a project.
Addressing at the annual general meeting, Nalco Chairman And Managing Director BL Bagra said that the company had identified Kakarapar Atomic Power Station (KAPS) - 3 & 4 project for development, jointly with Nuclear Power Corporation of India at a cost of Rs 11,450 crore.
The recommendation for the investment is under consideration by the government, he said.
Bagra said the company had been pursuing to set up a smelter and power project in Orissa. However, considering uncertainty on location, company might have to explore for an alternate location elsewhere in the country, he said.
Nalco is actively pursuing to set up a smelter and power project in Indonesia, primarily because of availability of good quality coal at economic price. Two coal mining firms have been identified for long-term arrangement for sourcing coal for the planned project, he said.
"The company earned a net profit after tax of Rs 1,069 crore in 2010-11 as compared to Rs 814 crore in previous year, registering a jump of 31%," Bagra said.
Similarly, sales revenue during the year at Rs 5,959 crore was higher by Rs 904 crore, an increase of 18% as compared to the previous year, he said.
Rise in profit was because of higher sales, Bagra said adding the results would have been still better, but for the adverse impact of exchange rate of rupee on sales, which made a dent of Rs 159 crore during the year.
Operating cost was higher by Rs 399 crore, an increase of 10% over previous year due to increase in the prices of coal, fuel oil and wage revision, he said.
Nalco achieved highest-ever domestic metal sale of 340,752 tonne surpassing the previous record of 289,032 tonne in 2009-10. It was 17.9% higher than last year.
Total metal sale of the company in 2010-11 was 438,952 tonne, which is the highest-ever, surpassing previous best of 435,979 tonne achieved during the previous year, he said.
The government today said it has granted Maharatna status to Bharat Heavy Electricals Ltd and Gas Authority of India Ltd.