New Delhi, Feb 3 (UNI) Minister of Mines Sis Ram Ola informed the Parliamentary Consultative Committee (PCC) here last evening that his Ministry was happy with the performance of the Orissa based public sector company National Aluminium Company Limited (NALCO).
The Minister was also pleased with the progress made in the execution of the company's second phase expansion projects, scheduled to be completed by December, 2008.
Outlining the achievements, Mr Ola said that during the last three financial years, the company has made great strides in the field of production, sales and financial performance.
The units of NALCO that is, bauxite mines, alumina refinery and aluminium smelter are operating near or even more than 100 per cent rated capacity. The captive power plant is also operating at a plant load factor of nearly 80 per cent which is much ahead of all India average of 72 per cent.
However, it was noted that the anticipated profit of the company for the year 2007-08 is expected to be at a lower level of Rs 1620 crore as compared to Rs 2381 crore for the year 2006-07 in view of lowering of prices of aluminium in the London Metal Exchange and the appreciation of the Rupee against the Dollar.
Mr Ola was pleased that the company has been approved for 'Navaratna' status by the Government. However, for this purpose eight Independent Directors have to be appointed on NALCO's Board, of which three such Directors have already been appointed and for the remaining five, the matter has been sent to ACC.
He said at present, the Company has huge cash reserves as well as surplus alumina capacity. For value addition, utilizing the surplus alumina and for strengthening its market presence, the company is exploring the possibility of setting up a green field smelter and power plant elsewhere in the country or abroad depending upon availability of power, said an official release issued here today.
UNI BKS BJR HT2005