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

<p>National Aluminium Company Limited (Nalco) yesterday signed a memorandum of understanding (MoU)&nbsp;with the Ministry of Mines, Govt. of India for setting higher targets in production, productivity, turnover and CAPEX for the FY 2017-18.</p> <p>According to a release, the MOU was signed between Arun Kumar, secretary, Ministry of Mines and Tapan Kumar Chand, Nalco's chairman &amp; 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.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/DSC_0343.jpg" alt="news" width="448" height="241" /></p> <p>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.</p> <p>Nalco has also set 100 per cent targets for production of both <strong>bauxite and alumina</strong> i.e. 6.825 million tonnes and 2.1 million tonnes respectively. The company&rsquo;s <strong>aluminium </strong>production target is set at 4.4 lakh tonnes as compared to the previous fiscal.</p> <p>{googleAdsense}</p> <p>Nalco has a <strong>CAPEX target</strong> 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&amp;E coal blocks, solar and wind power projects, modernization and up- gradation of Plant &amp; equipments.</p>