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