You are here: Home » News-CM » Economy » News
Business Standard

NALCO inks MoU with Government of India for FY 2018-19

Topics
Business Finance

Capital Market 

Aluminium major & Navratna CPSE National Aluminium Company Limited (NALCO) has signed MoU with the Ministry of Mines, Govt. of India, setting highest ever target of Rs 9350 crore revenue from operations for FY 2018-19 which is 15% higher than last year. The MoU was signed between Shri Anil Gopishankar Mukim, Secretary, Ministry of Mines, GoI and Dr. Tapan Kumar Chand, CMD, NALCO. Shri Mukim, Secretary, Mines complimented NALCO management for the excellent performance of the company, high standard of Corporate Governance in 2017-18 and robust business plans for 2018-19.

The MoU has been formulated as per Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.

The MoU has also set a target of 2.1 million tons for production of Alumina with 100% capacity utilisation & an optimum Aluminium production target of 4.15 lakh tonnes. It sets a target of reduction in net carbon consumption as part of improvement in production efficiency, apart from giving thrust to commercialisation of new R&D products.

The Company has set a challenging CAPEX target of Rs.1100 crore for the year 2018-19. The expenses will be incurred in several projects like the 1 million tonne 5th stream of Refinery, Utkal-D&E coal blocks, wind power projects, JV projects and modernization & up- gradation of plant equipments. 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 will enable the company to synchronize its workforce and skill set in line with the new corporate plan.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, May 15 2018. 10:55 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU