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Mines Secretary Lays Foundation Stone of NALCO's Alloy Wire Rod unit PSU NEWS

Mines Secretary Lays Foundation Stone of NALCO Alloy Wire Rod unit

 

Bhubaneswar: National Aluminium Company Limited,  has unveiled its plan to set up an Alloy Wire Rod manufacturing facility at its existing Smelter Plant at Angul, Odisha. Shri Anil Mukim, IAS, Secretary (Mines), Government of India, formally laid the Foundation Stone (through video conferencing) for the proposed Alloy Wire Rod manufacturing facility at a function held today at the NALCO Corporate Office, Bhubaneswar in presence of Dr. Tapan Kumar Chand, CMD, NALCO.
 
The upcoming Alloy Wire Rod manufacturing facility to be set up at a cost of about Rs.131 crores and will have an installed capacity of 40000 TPY (Alloy Grade) /60000 TPY (EC Grade).
 
Congratulating NALCO collective for its stupendous performance of the company in the first quarter declared yesterday, Shri Mukim, said, NALCO 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 also added that, he is quite impressed with the result orientation and value creation by NALCO management.
 
It may be mentioned that the Navratna CPSE has clocked a PAT of Rs 687 cr in the first quarter, registering a growth of 167 % over Rs.257 cr 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 %, from Rs. 129 cr to Rs. 687 cr. Similarly, the company has recorded an increase of 10.74% and 8.85% in alumina and aluminium production respectively in the 1st quarter of FY 18-19.
 
Speaking on the occasion Dr. Tapan Kumar Chand, CMD, NALCO said that the Per capita aluminium consumption in India is only 2.2kg against world average of 7 kg and 20 kg in China. Our country as fastest growing economy in the world is set to witness a quantum jump in aluminium consumption in next 2 to 3 years.
 
“Besides, various initiatives of Government of India like Smart cities, bullet trains, power to every household, energy efficient automobile, aluminium wagons etc would further give boost to consumption of aluminium in the country from existing level of 3.2 million tons per annum to 8 million tons per annum”, said Dr. Chand. Prior to the Foundation Stone Laying Ceremony, Shri Mukim, also interacted senior officials of the Company. 
 


Posted Date :  10-08-18

Categories : PSU NEWS