National Aluminium Company (Nalco) has signed an MoU with the Ministry of Mines, Government of India (GoI) for setting higher targets in production, productivity, turnover and CAPEX for the FY 2017-18. The MoU was formulated as per the new Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.
As per the MoU, the target for revenue from operations has been fixed at Rs 8,100 crore (net of excise) which is Rs 700 crore more than previous year. The MoU has also set 100% targets for production of both bauxite and alumina i.e. 6.825 million tonnes and 2.1 million tonnes, respectively. Aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal.
The company has a CAPEX target of Rs 1,158 crore against Rs 873 crore achieved in 2016-17. The expenses are to be incurred in several new and ongoing projects like the 1 million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernization and upgradation of Plant & equipments.