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BIZ-OD-NALCO


PTI Last Updated at 09 Aug 2018, 20:08 IST India

Aluminium major Nalco today

laid the foundation stone to set up a Rs 131 crore alloy wire

rod manufacturing facility to address the rising demand of the

power sector, particularly in power transmission.

The foundation stone for the new facility, being set

up at Nalco's smelter plant at Angul, was laid by Union Mines

Secretary Anil Mukim through video conferencing at a function

held here.

"The upcoming alloy wire rod manufacturing facility,

to be set up at a cost of about Rs 131 crore, will have an

installed capacity of 40,000 TPY (Alloy Grade) /60,000 TPY (EC

Grade)," said an official of the Navaratna firm.

Congratulating Nalco for its performance in the first

quarter of this fiscal, Mukim said the aluminium major has

become the pride of India in non-ferrous sector and the cost

focus of management has made Nalco recognised as the lowest

cost producer of alumina in the world.

He said the result orientation and value creation by

Nalco management was also highly impressive.

Mukim was referring to Nalco clocking a profit after

tax of Rs 687 crore in the first quarter, registering a growth

of 167 per cent over Rs 257 crore in Q4 of previous year.

As compared to the corresponding quarter of last year,

the growth in net profit has jumped by a whopping 433 per

cent, from Rs 129 crore to Rs 687 crore. Similarly, the

company has recorded an increase of 10.74 per cent and 8.85

per cent in alumina and aluminium production respectively in

the Q1 period of 2018-19.

Tapan Kumar Chand, CMD of Nalco said the per capita

aluminium consumption in India is only 2.2 kg against a world

average of 7 kg and 20 kg in China.

"Our country is set to witness a quantum jump in

aluminium consumption in next 2 to 3 years," he said.

Besides, various initiatives like Smart cities, bullet

trains, power to every household, energy efficient automobile,

aluminium wagons would further give boost to consumption of

aluminium in the country from existing level of 3.2 million

tonnes per annum to 8 million tonnes per annum, said Chand.

PTI SKN

JM JM

JM

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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