India’s National Aluminium Company (Nalco) announced late last week that it is planning to boost production in the coming fiscal year.
According to statements reported upon by the domestic media, Nalco’s Chairman and Managing Director Tapan Kumar Chand will boost Nalco’s overall production to over 7.3 million metric tons (73 lakh tons). Nalco’s current capacity is 6.8 million metric tons.
“During 2016-17 Nalco will surpass its production capacity of 68.25 lakh tonnes and will achieve 73.25 lakh tonnes production,” said Chand during remarks made at a company event on Saturday.
Chand went on to explain Nalco’s new business model.
“In 2016 Nalco had posted strong growth of 18 per cent in Bauxite mining, the highest since inception and a record in the mining industry,” he said. “In stock market, Nalco share price has registered an increase of 68 per cent from Rs 40.20 in the beginning of the year 2016 to Rs 67.60 as on date.”
Chand continued by emphasizing that the company is still keeping shareholders’ interests in mind.
India’s Secretary of Mines Balvinder Kumar, who was also present at the event, lauded the company’s efforts to promote productivity and profitability.
“Despite vagaries of international market, Nalco’s consistent performance – both in terms of productivity and profitability is commendable,” opined Kumar. “Nalco’s efforts towards encouraging and promoting art, culture and sports of the state through various awards are also laudable.”
Nalco was established in 1981 as a public sector company administered by the Ministry of Mines. It is the largest integrated aluminium complex in Asia, and the sixth largest in the world.