NALCO signs MoU with Union Ministry of Mines for setting revenue target of FY 2018-19

May 15, 2018 17:06 IST
NALCO signs MoU with Union Ministry of Mines for setting revenue target of FY 2018-19

Aluminium major & ‘Navratna’ company National Aluminium Company Limited (NALCO) on May 14, 2018 signed a Memorandum of Understanding (MoU) with the Union Ministry of Mines, setting highest ever target of generation of Rs 9350 crore revenue from the operations of FY 2018-19.

The MoU was signed between Anil Gopishankar Mukim, Secretary, Ministry of Mines and Dr Tapan Kumar Chand, CMD of NALCO in New Delhi.

The revenue target fixed for financial year 2018-19 is 15 percent higher than that of 2017.

About National Aluminium Company Limited (NALCO)

  • National Aluminium Company Limited (NALCO) is a Navratna PSU and India’s leading manufacturer-exporter of alumina and aluminium.
  • Established on January 7, 1981, NALCO is a group ‘A’ CPSE having integrated and diversified operations in mining, metal and power with sales turnover of Rs 7933 crore in financial year 2016-17.
  • NALCO has the Premier Trading House status, and it is the first Indian aluminium company to be registered with London Metal Exchange for its high quality products.
  • Presently, the Union Government holds 60.20 percent equity of NALCO.

Highlights of the MoU

• The MoU has set a target of 2.1 million tons for production of Alumina with 100 percent capacity utilisation and 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.

• It gives thrust to commercialisation of new research and development products.

• NALCO has also set a challenging CAPEX target of Rs 1100 crore for the year 2018-19.

• The expenses will be incurred in several projects including the 1 million tonne 5th stream of Refinery, Utkal D&E coal blocks, wind power projects, JV projects and modernisation & up- gradation of plant equipments.

• The company has also set a target 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 synchronise its workforce and skill set in line with the new corporate plan.

• The MoU was formulated as per the guidelines of the Department of Public Enterprise and was finalised after discussions with the Inter-Ministerial Committee as well as with Union Ministry of Mines.

 

Video: Check out the latest current affairs of this week

Is this article important for exams ? Yes

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK