Nalco eyes global metal league
Public sector aluminium giant Nalco has drawn up ambitious plans to transform itself from an aluminium producer to a global metal producer and energy provider. HT reports.business Updated: Oct 01, 2010 23:05 IST
Public sector aluminium giant Nalco has drawn up ambitious plans to transform itself from an aluminium producer to a global metal producer and energy provider.
The company has set a target to achieve an annual turnover of R25,000 crore, annual production of 1.7 million tonnes of aluminium and 4 million tonnes of alumina by 2020.
"We plan to foray into new fields beyond aluminium by setting up two diversified projects and target at least one 1,000 MW independent power plant by 2016," said A.K. Srivastava, chairman, Nalco at the company's 29th annual general meeting on Thursday.
Nalco has invested around R30,000 crore in the aluminium sector, most of which is in Orissa.
It posted a sales turnover of R5,548 crore and a net profit of R814 crore in 2009-10, as against a turnover of R5631 crore and net profit of R1272 crore last year.
"Although the volume of production has increased, the lower profit is mainly due to a decrease in sales realisation because of lower aluminium prices on the London Metal Exchange and higher fuel costs," Srivastava said.
Nalco had completed two major expansion programmes entailing an investment of R7,800 crore, raising the bauxite mines capacity to 63 lakh tonnes, alumina capacity to 21 lakh tonnes, aluminium capacity to 4.6 lakh tonnes and captive power generation capacity to 1,200 MW.