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.

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.