Nalco announces INR 387 crore dividend and further expansions

On September 27, the CMD of Nalco, Ansuman Das announced a dividend of INR 387 crore for the 2013-14 fiscal. The announcement was made in a press meet after the 33rd Annual General Body meet.

Das explained that the aluminium market was picking up globally due to global cutbacks and the positive demand and supply dynamics with the current LME price currently hovering around $2,000/mt. This has helped the company that is running for 33 years to finally look to expand, divert, enhance sustainability as well as cater to the stakeholders’ expectations.

The company has already embarked upon an ambitious growth plan with its upgrade of 4th stream alumina refinery where the capacity has grown from 21 lakh TPY to 22.75 lakh TPY meanwhile in case of bauxite mines the growth has been 6.3 million TPY to 6.825 TPY with approximately INR 400 crore project cost.

There are further plans for expansion with proposed alumina refinery project in Gujrat, a caustic soda project in Dajej (Gujrat), second smelter and CPP in Sundagarh, targeting five countries for overseas smelters, an aluminium and aluminium alloy plant at the Angul Aluminium Park.

They are also venturing into energy with proposed energy projects like a 14 MW wind power project in Damanjodi, solar and wind projects in suitable locations in India and rooftop solar power initiative at Ma Nalco Research & Technology Centre (NRTC) at Bhubaneswar and at Smleter and Township at Angul.

1 Dollar ($) = 61.48 INR