Bhubaneswar: Encouraged by a two-fold jump in net profit to Rs 1,342 crore last fiscal, aluminium major Nalco on Sunday said it plans to invest over Rs 30,000 crore on its expansion.
“Nalco achieved its highest net profit in last 10 years of Rs 1,342 crore during 2017-18 against Rs 669 crore during the previous year,” the Navratna company’s chairman-cum-managing director Tapan Kumar Chand told a press meet here.
Chand said Nalco is the third highest net foreign exchange earning central public sector enterprise (CPSE) in India. The central PSU’s net sales turnover in 2017-18 was Rs 9,377 crore, highest-ever since inception, registering a growth of 26 percent over the previous year.
Further, the company’s export earning of Rs 4,076 crore was also the highest-ever since inception registering a growth of 12 percent over last year, Chand informed. “2017-18 has been a very rewarding year for Nalco on all fronts. We are looking beyond earning just profits. We have improved on all parameters: record production, highest sales and turnover,” he noted.
Chand said the company will invest over Rs 30,000 crore over the next four years to launch a number of new projects and undertake major expansion programmes including one MTPA capacity 5th stream alumina refinery brownfield project in the existing refinery complex at Damanjodi at an estimated cost of Rs 5,540 crore.
Similarly, around Rs 9,000 crore is being spent for the establishment of 6 lakh TPA brownfield smelter at the existing complex at Angul, he added.
On downstream integration, Chand said Angul Aluminium Park is being set up in a JV with state-owned Odisha Industrial Infrastructure Development Corporation (IDCO to promote downstream & ancillary industries at an estimated project cost of Rs 100 crore.
The company has also proposed a 6 lakh TPA greenfield smelter in Dhenkanal at an investment of Rs 9,000 crore and a 1,320 MW thermal power plant at Angul at a cost of Rs 7,000 crore.
