On August 9, the state-run aluminium major National Aluminium Company (Nalco) laid a foundation stone to set up a new aluminium wire rod manufacturing facility at its existing plant at Angul. This 131-crore project will reportedly have an installed annual capacity of 40,000 tonnes per year (alloy grade) and 60,000 tonnes per year (EC grade).
At the stone laying ceremony, CMD of Nalco Dr. Tapan Kumar Chand pointed out that the per capita aluminium consumption in India is likely to make a quantum jump in next 2 to 3 years. Backed on various initiatives by the Centre like smart cities, bullet trains, power to every household, energy efficient automobile, aluminium wagons and several others, the aluminium consumption in the country would further grow from the existing level of 3.2 million tonnes per annum to 8 million tonnes per annum, said Chand.
He believes that this new facility will help meet the rising demand for secondary aluminium across various industries and power sectors in particular.
Union Mines Secretary Anil Mukim, who laid the foundation stone, also made a special mention of Nalco’s outstanding performance in Q1 2018 and congratulated the company. He said this public sector enterprise became a pride of India in the non-ferrous sector and the result orientation and value creation by the company’s management was highly impressive.
Mukim was referring to Nalco clocking a profit after tax of ₹ 687 crore in the first quarter against ₹ 257 crore in Q4 of previous year, registering a growth of 167 per cent.
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