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A new corporate plan unveiled by the Union mines ministry sees National Aluminium Company (Nalco) foraying into chromite and bauxite mining and go for production of conductors and lithium ion batteries. The long-term corporate plan prepared by leading consultancy KPMG envisages Nalco to reach a turnover of Rs 181 billion with profit after tax (PAT) of Rs 16.93 billion by 2024 with enhancement of the aluminium smelting capacity to 1.1 million tonnes and alumina refining capacity to 3.27 million tonnes.
The long-term strategy foresees the company to reach a turnover of Rs 312 billion and a PAT of Rs 30 billion by 2032. Nalco closed 2016-17 with gross sales of Rs 79 billion and a PAT of Rs 6.69 billion.The corporate plan also envisages backward integration to coal tar pitch and caustic soda, forward integration to extrusions, foils & castings and expanding value addition capacities in wire rods & rolled products. The corporate plan has been developed as per the guidelines of NITI Aayog, envisaging three years action plan, seven years strategy and 15 years vision to have progressive growth of the company. This also includes a forward looking new vision, mission and values of the company which will give a direction to the company assuring steady growth, minimising the price volatility of commodities while ensuring profitability. The plan was released by Union mines secretary Arun Kumar in the presence of Nalco’s chairman and managing director T K Chand and other senior officials of the ministry and the navratna company. Kumar appreciated the efforts of Nalco in formulating the plan that provides a strategic way forward for the company up to 2032.