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Foundation laid for Nalco's Rs 131cr alloy wire rod unit

Press Trust of India  |  Bhubaneswar 

Aluminium today laid the foundation stone to set up a Rs 131 crore alloy rod manufacturing facility to address the rising demand of the power sector, particularly in power transmission.

The foundation stone for the new facility, being set up at plant at Angul, was laid by Union Mines Secretary through at a function held here.

"The upcoming alloy rod manufacturing facility, to be set up at a cost of about Rs 131 crore, will have an installed capacity of 40,000 TPY (Alloy Grade) /60,000 TPY (EC Grade)," said an of the Navaratna firm.

Congratulating for its performance in the first quarter of this fiscal, Mukim said the aluminium has become the pride of in non-ferrous sector and the cost focus of management has made recognised as the lowest of alumina in the world.

He said the result orientation and value creation by Nalco management was also highly impressive.

Mukim was referring to Nalco clocking a profit after tax of Rs 687 crore in the first quarter, registering a growth of 167 per cent over Rs 257 crore in Q4 of previous year.

As compared to the corresponding quarter of last year, the growth in net profit has jumped by a whopping 433 per cent, from Rs 129 crore to Rs 687 crore. Similarly, the company has recorded an increase of 10.74 per cent and 8.85 per cent in alumina and aluminium production respectively in the Q1 period of 2018-19.

Tapan Kumar Chand, CMD of Nalco said the per capita aluminium consumption in is only 2.2 kg against a world average of 7 kg and 20 kg in

"Our country is set to witness a quantum jump in aluminium consumption in next 2 to 3 years," he said.

Besides, various initiatives like Smart cities, bullet trains, power to every household, energy efficient automobile, aluminium wagons would further give boost to consumption of aluminium in the country from existing level of 3.2 million tonnes per annum to 8 million tonnes per annum, said Chand.

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

First Published: Thu, August 09 2018. 20:35 IST