INTUC asks for inquiry into Nalco’s overseas investments

Indian National Trade Union Congress (INTUC)   yesterday announced that they have asked for a judicial inquiry into Nalco’s all overseas investment. INTUC’s State president Ramachandra Khuntia said that they have demanded for investigation as Nalco’s profit is reducing due to wrong investment decision.

Ramachandra Khuntia said the company which had made a profit of INR 2300 crore at one time, netted a profit of INR 669 crore in 2016-17 because of the wrong policy of the Central Government. In 2015-2016, the company’s profit stood at INR 787 crore. 

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He further mentioned the reasons that affected the company’s financial health. The reasons include: central government’s decision to invest crores of rupees in coal mine lease project in Indonesia and to stop it later, investment of INR 2,052 crore in bauxite mines and refinery project in Gujarat, plan to sell Nalco’s alumina to Iran and take up various loss making projects like wind power and solar power.