Navratna firm Nalco target 15% rise in FY19 revenue at Rs 93.5 bn

Enters MoU with mines ministry, targets 2.1 mn tonnes alumina output with 100% capacity utilisation & an optimum aluminium production target of 0.41 mn tonnes

National Aluminium Company (Nalco), a navratna firm under Union mines ministry, has set a target of Rs 93.5 billion revenue from operations in this fiscal, 15 per cent higher than the previous fiscal.

Nalco entered into a memorandum of understanding (MoU) with the ministry on Monday. The pact was signed by Anil Gopishankar Mukim, secretary, Union mines ministry and Tapan K Chand, chairman & managing director, Nalco.

The MoU has been formulated as per the Department of Public Enterprise guidelines and finalised after discussions with the inter-ministerial committee as well as Ministry of Mines.

The MoU has also set a target of 2.1 million tonnes for production of alumina with 100 per cent capacity utilisation & an optimum aluminium production target of 0.41 million tonnes. It sets a target of reduction in net carbon consumption as part of improvement in production efficiency, apart from giving thrust to commercialization of new R&D (research & development) products. 

Nalco has lined up a Capex (capital expenditure) of Rs 11 billion for 2018-19. The Capex would be spent on a slew of projects- the one million tonne, fifth stream of Damanjodi alumina refinery, Utkal D & E coal blocks, wind power projects, JV (joint venture) projects and modernization & upgradation of plant equipment. 

In yet another strategic move on the human resource front, target is also set for assessment of employees through People Capability Maturity Model (PCMM) and implementation of online human resource management system. The targets are expected to enable the company to synchronize its workforce and skill set in line with the new corporate plan.