Nalco dazzles post expansion plans

The ministry of mines on Wednesday said the central government is making all possible efforts to expand the capacity of NALCO to make it a major producer of aluminium, globally.

The Government is facilitating NALCO for enhancing its production capacity of alumina refinery by setting up of 1.0 MTPA Alumina Refinery (Stream-5), Damanjodi under Phase-3 expansion at an estimated cost of Rs 5,540 crore.

The ministry said that it has come to the notice of the government that a session of the press is speculating that Government of India is trying to privatise the National Aluminium Company Limited (NALCO) through a buyback and offer-for-sale (OFS). Due to such news items, NALCO is facing agitation by its workers, it added.

The Ministry of Mines in order to clear any misleading information would like to clarify that NALCO is a prestigious Navratna Central Public Sector Enterprise and the Central Government appreciates its role in the progress of the country as well as the State of Odisha.

Nalco's net profit increased 25.4% to Rs 268.37 crore on 28.3% rise in net sales to Rs 2423.26 crore in Q4 March 2017 over Q4 March 2016.

State-run Nalco has integrated and diversified operations in mining, metal and power. The Government of India held 74.58% stake in Nalco as per the shareholding pattern as on 31 March 2017.