Nalco signs MoU with Ministry of Mines for setting higher targets for FY 2017-18

National Aluminium Company Limited (Nalco) yesterday signed a memorandum of understanding (MoU) with the Ministry of Mines, Govt. of India for setting higher targets in production, productivity, turnover and CAPEX for the FY 2017-18.

According to a release, the MOU was signed between Arun Kumar, secretary, Ministry of Mines and Tapan Kumar Chand, Nalco's chairman & managing director. The MoU was formulated as per the new Department of Public Enterprise guidelines and finalized following discussions with both Inter-Ministerial Committee as well as Ministry of Mines.

According to the agreement, the target for revenue from operations has been fixed at INR 8,100 crore (net of excise) which is INR 700 crore more than previous year.

Nalco has also set 100 per cent targets for production of both bauxite and alumina i.e. 6.825 million tonnes and 2.1 million tonnes respectively. The company’s aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal.

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Nalco has a CAPEX target of INR 1158 crore against INR 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 up- gradation of Plant & equipments.