NALCO MoU for Rs 9350 Cr Revenue in 2018-19 with Ministry of Mines

NALCO Signed MoU With Union Ministry Of Mines-Details, Purpose, About

The National Aluminum Company Limited (NALCO) on 14th May 2018, signed a Memorandum of Understanding (MoU) with the Union Ministry of Mines, setting highest ever a target of generation of Rs 9350 crore revenue from the operations of FY 2018-19.

The MoU was signed between Anil Gopishankar Mukim, Secretary, Ministry of Mines and Dr. Tapan Kumar Chand, CMD of NALCO in New Delhi. The revenue target fixed for the financial year 2018-19 is 15 percent higher than that of 2017.

The MoU has set a target of 2.1 million tons for production of Alumina with 100 percent capacity utilisation and an optimum Aluminum production target of 4.15 lakh tonnes.

The MoU also sets a target of the reduction in net carbon consumption as part of the improvement in production efficiency. It gives thrust to the commercialisation of new research and development products.

The MoUs targets will enable the company to synchronise its workforce and skill set in line with the new corporate plan.

The MoU was formulated as per the guidelines of the Department of Public Enterprise and was finalised after discussions with the Inter-Ministerial Committee as well as with Union Ministry of Mines.

About National Aluminum Company Limited (NALCO)

NALCO is a Navratna PSU and India’s leading manufacturer-exporter of alumina and aluminum.

NALCO was established on 7th January 1981, it is a group ‘A’ CPSE having integrated and diversified operations in mining, metal and power with the sales turnover of Rs 7933 crore in the financial year 2016-17.

NALCO has the Premier Trading House status, and it is the first Indian aluminum company to be registered with London Metal Exchange for its high quality products.

Presently, the Union Government holds 60.20 percent equity of NALCO.