India Mines Ministry dismisses all reports of Nalco privatisation, says expansion is on the cards

<p>Putting all speculations to rest the government of India said yesterday, June 28, that it is not considering privatising National Aluminium Company Limited (Nalco); rather, it is facilitating the PSU with its INR 5,540 crore worth expansion plan that would make it a leading aluminium producer of the country.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/nalco.jpg" alt="News" width="517" height="362" /></p> <p>In a statement Ministry of Mines said, "It has come to the notice of the government regarding a news item appearing in some section of the Press that Government of India is trying to privatise the National Aluminium Company Limited (NALCO) through buyback and offer for sale (OFS). Due to such news items, NALCO is facing agitation by its workers.&rdquo;</p> <p>"NALCO is a prestigious Navratna Central Public Sector Enterprise (CPSE) and the central government appreciates its role in the progress of the country as well as state of Odisha," the Ministry clarified further.</p> <p>{googleAdsense}</p> <p>Nalco is planning to enhance production capacity of its alumina refinery in Damanjodi, Odisha by setting up a one-million tonne per annum refinery (Stream-5), under the Phase-3 expansion of M&amp;R unit. The central government is facilitating the project valued at INR 5,540 crore.</p> <p>The Centre has also recently extended the reservation of Pottangi bauxite mines in favour of Nalco for 5 years. All these facilitations would help the company to emerge as a leading aluminium producer of India as well as the world.</p> <p>The rumours that the government will privatise Nalco gained momentum after the Centre&rsquo;s intention to disinvest Air India became clear. With the Mines Ministry clarifying its stand for the aluminium producer all such reports are dispelled as of now.&nbsp;</p>