BHUBANESWAR: Buoyed by two-fold jump in net profit to Rs 1,342 crore last fiscal, the state-owned NALCO today announced plans to invest over Rs 30,000 crore to launch a host of new projects and undertake expansion.
“NALCO achieved highest net profit in last 10 years of Rs 1,342 crore during 2017-18 against Rs 669 crore in previous year .. the profit registered more than 100 per cent growth,” CMD of NALCO Tapan Kumar Chand told reporters here.
The Navaratna company was the third highest net foreign exchange earning central public sector enterprise (CPSE) in the country, while its net sales turnover for the year was Rs 9,377 crore, highest-ever since inception, registering a growth of 26 per cent over last year, Chand said.
Similarly, export earning of Rs 4,076 crore was also highest-ever since inception registering a growth of 12 per cent over last year, he said adding, “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.”
Following the “stellar performance” in 2017-18, Chand said the company is all set to invest over Rs 30,000 crore over the next four years to launch a number of new projects and undertake major expansion programmes.
Among the projects under execution is the 1 MTPA capacity 5th stream alumina refinery brownfield project in the existing refinery complex at Damanjodi at an estimated cost of Rs 5,540 crore which is expected to be completed by April, 2021, the NALCO CMD said.
Similarly, around Rs 9,000 crore is being spent for establishment of 6 lakh TPA brownfield smelter at the existing complex at Angul in Odisha for which work has already started, Chand said.
Development of Utkal D and E coal mines at Angul is being undertaken at an estimated cost of Rs 534 crore and the work is likely to be completed by 2019-20 and 2022-23, respectively, he said.
NALCO is also setting up a 2.7 lakh TPA caustic soda plant in a joint venture with Gujarat Alkalies and Chemicals Limited (GACL) at Dahej, Gujarat with an estimated project cost of Rs 1,999 crore, Chand said.
Regarding downstream integration, he 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 CMD said.
The company is also setting up a 60,000 MTPA capacity alloy wire rod plant at its smelter in Angul to produce more value-added products at a cost of Rs 131 crore.
Stating that the company has also made a foray into renewable energy sector, Chand said two wind power plants of 25 MW capacity each are being set up in Tamil Nadu at a cost of Rs 310 crore.
Also in the pipeline is a 6 lakh TPA greenfield smelter in Odisha’s Dhenkanal which will entail an investment of Rs 9,000 crore, Chand said adding, Rs 7,000 crore would be invested to set up a 1,320 MW Thermal power plant at Angul in Odisha.
On production, Chand said NALCO has been rated as the lowest cost producer of alumina in the world consecutively for the two years in 2016 & 2017 as per report of renowned stock broking firm Wood Mackenzie.