NALCO management for the excellent performance of the company, high standard of Corporate Governance in 2017-18 and robust business plans for 2018-19. The MoU has been formulated as per Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.
The MoU has also set a target of 2.1 million tons for production of Alumina with 100 percent capacity utilisation and an optimum Aluminium production target of 4.15 lakh tonnes.
"Aluminium major and Navratna CPSE NALCO has signed MoU (memorandum of understanding) with the Ministry of Mines, setting highest ever target of Rs 9,350 crore revenue from operations for FY2018-19 which is 15 percent higher than last year," NALCO said in a statement.
It sets a target of reduction in net carbon consumption as part of improvement in production efficiency, apart from giving thrust to commercialisation of new R&D products.
The PSU has set a challenging CAPEX target of Rs.1100 crore for the year 2018-19. The expenses will be incurred in several projects like the 1 million tonne 5th stream of Refinery, Utkal-D&E coal blocks, wind power projects, JV projects and modernization and upgradation of plant equipment.
In yet another strategic move on the human resource front, target is also set for assessment of employees through People Capability Maturity Model (PCMM) and implementation of online human resource management system. The targets will enable the company to synchronize its workforce and skill set in line with the new corporate plan. Dr. K. Rajeswara Rao, Additional Secretary, Ministry of Mines and Anil Kumar Nayak, Joint Secretary, Ministry of Mines, and other senior officials of Ministry and NALCO were notably present on the occasion.
Under the MoU, the company has also set a capex target of Rs 1,100 crore for the year 2018-19, it said.
National Aluminium Company Limited (NALCO) is a Navratna PSU under Ministry of Mines. The PSU has integrated and diversified operations in mining, metal and power with sales turnover of Rs 7,933 crore in financial year 2016-17. Presently, Government of India holds 60.20 percent equity of NALCO.
NALCO is one of the largest integrated Bauxite-Alumina-Aluminium- Power Complex in the Country. The PSU is low cost producer of metallurgical grade alumina in the World as per Wood McKenzie report. With sustained quality products, the PSU's export earnings accounted for about 46% of the sales turnover in the year 2016-17 and the Company was rated 2nd highest net export earning CPSE in 2015-16 as per Public Enterprise Survey report.
NALCO is the first PSU in the country to venture into international market in a big way with London Metal Exchange (LME) registration since May, 1989.