NALCO targets revenue of Rs 7,000 crore in 2016-17
National Aluminium Company Limited (NALCO) has targeted a revenue of Rs 7,000 crore from operations in 2016-17. This includes a capital expenditure of Rs 1,021 crore slated to be made during the year, according to a memorandum of understanding (MoU) signed between the company and the Ministry of Mines, regarding financial and non-financial targets for the FY 2016-17. The MoU has also set higher targets for production of both alumina and aluminium compared to the previous fiscal. During the year, Nalco has set an annual production target of 21.30 lakh tonne of alumina, 9 per cent higher than last year and 3.85 lakh tonne of aluminium, a 3.5 per cent increase over the previous year. The company had produced 19.53 lakh tonne of alumina and 3.72 lakh tonne of aluminium in 2015-16. The company’s capex plan of Rs 1021 crore includes projects like development of Utkal D and E Coal Blocks. It also includes two wind power projects of 50 MW each in Maharashtra and Rajasthan and the addition of a fifth stream in the existing Alumina Refinery at Damanjodi in Odisha’s Koraput. Additionally, NALCO is also keen on setting up a 20 MW solar power project in Madhya Pradesh.