National Aluminium Company Limited (NALCO), a public sector undertaking has got Excellent Memorandum of Understanding score of 1.5 by the Department of Public Enterprises for its outstanding performance in 2012-13.
During the 2012-13, NALCO has been rated as Excellent with a score of 97.5 for compliance with guidelines on Corporate Governance for Central Public Service Enterprises.
NALCO already had last achieved the Excellent MoU score in 2006-07 and it got navratna status in 2008.
During the financial year 2012-13
• NALCO has reported a highest ever net sale of 7247 crore rupees against a target of 7073 crore rupees. This represents an increase of 2.46 percent against the MoU target.
• NALCO reported a net profit of 593 crore rupees with metal sale of 403102 tonnes and alumina sale of 984722 tonnes in the financial year 2012-13.
• NALCO also produced highest-ever bauxite of 54.19 lakh tonnes and highest-ever alumina of 18.02 lakh tonnes in 2012-13.
• During this financial year the company generated 6076 units of power from its Captive Power Plant.
NALCO’s significant achievements and activities towards CSR, Sustainable Development and R&D also contributed towards company’s excellent ratings.
NALCO has entered into a wind power generation with commissioning of 50.4 MW wind power plant at Gandikota in Andhra Pradesh on December 2012 and sale of power has been commenced.
Department of Public Enterprises under Ministry of Heavy Industries and Public Enterprises resents annually to the Parliament an overview of the financial and physical performance of central PSEs.
The Memorandum of Understanding (MoU) as applicable to PSEs is a negotiated document between the government and the management of the enterprise specifying clearly the objectives of the agreement and the obligations of both the parties.
MoU system in India was introduced in 1986 as result of the recommendations of the Arjun Sengupta Committee Report.
If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs Group