Nalco not to depend on market for its capex needs

Navaratna PSU and aluminium major Nalco, which posted a net profit of Rs 1,069 crore in FY11, has no plan to raise funds from market for its future capital needs.

This was decided at the company's Board of Directors meeting held in New Delhi today.

"The company has no plan to approach markets to raise debt or equity for its capex needs in near future," a company spokesman said.

Stating that though the company has projected capital investment of Rs 1,057 crore in FY12 towards various greenfield and brownfield projects, it would depend on its own resources based on healthy cash balance available.

The company plans mainly for capacity upgradation of its alumina refinery, setting up a wind power plant, equity share in joint venture for nuclear power plant and for developing Utkal-E Coal Mine, a captive coal block allotted to in in the next fiscal.

The balance payments for second phase of expansion project would also entail substantial capex during the year, sources said.