On 15 May 2018, National Aluminum Company Limited (NALCO), the flagship and public sector Navratna company of Aluminum sector, has signed a MoU with the Government of India, setting a revenue target of Rs 9,350 crore for the financial year 2018-19. This revenue target is 15 percent higher than the previous year. On the Memorandum of Understanding, Secretary, Ministry of Mines Mr. Anil Gopi Shankar Mukim and Chairman and Managing Director of Nalco Dr. Tapan Kumar Chand signed in New Delhi. Mines Secretary Mr. Mukim appreciated Nalco management for establishing a strong business plan for the company's excellent performance in 2017-18 and establishing a high level of corporate governance in 2018-19.
This Memorandum of Understanding is in line with the guidelines of the Public Enterprises Department and it was finalized after consultation with the Ministry of Inter-Ministerial and the Ministry of Mines. In the MoU, the target of 2.1 million tonnes production of aluminum has been fixed. It has set target of 100 percent capacity utilization and 4.15 lakh tonnes of aluminum production. As a part of improvement in the production capacity, the goal of reduction in total carbon consumption has been fixed. Apart from this, the emphasis is on the commercialization of research and development products in the agreement.
The company has set a CAPEX target of Rs 1,100 crore for the year 2018-19. The amount will be spent on modernization and upgradation of five million refineries, Utkal-D & E coal blocks, wind power projects, joint venture projects and plant equipment with capacity of one million tonnes. Taking strategic steps in the field of human resources, the aim of implementing the Human Resource Management System that has been determined by the evaluation of employees through the Janapital Maturity, Model (PCMM) and online. These goals will help the company to cope up with the workforce and skills in line with the new corporate project. On this occasion, Additional Secretary, Ministry of Mines Dr. K. Rajeshwar Rao and Joint Secretary, Ministry of Mines Mr. Anil Kumar Nayak and senior officers of Ministry and Nalco were present.
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