Parichaya - National Aluminium Company Ltd.

PARICHAYA
Shri G. Srinivas takes over as CVO
Shri G. Srinivas, IAS, Joint Secretary, Ministry of Mines, Govt. of India, has taken over the
additional charge of Chief Vigilance Officer of Nalco. He has succeeded Dr. Srabani Guha.
A 1990-batch IAS officer of Odisha cadre, Shri G. Srinivas, holds a Master’s degree in Civil
Engineering. He has also completed his PG diploma in Public Administration. Shri Srinivas
has worked in a wide variety of administrative positions at both Central Government and
State Government levels, during which he has managed programmes related to Land Revenue
Management, Agriculture, Home, Women & Child Development, Water Resources and
Rural Development.
Nalco signs MoU with IREL for Titanium Project
Nalco has entered into a Memorandum of Understanding (MoU) with Indian Rare Earths Ltd
(IREL), a PSU under Department of Atomic Energy, for making value-added products from
beach sand minerals, which would subsequently be used for making Titanium and allied
products. The project is estimated to cost Rs. 400 crore and is planned to be set up at
Chhatrapur in Ganjam district of Odisha.
It may be mentioned that Titanium has a strategic importance for the country and is a key
material used in space, aviation, nuclear, automobile, and paint industries. There being no
production in the country, the need is met only by imports. On the other hand, Beach Sand (that
contains Monazite and Ilmenite), the basic raw material for production of Titanium, is available
in huge quantity with IREL and is exported without value-addition. The development of these
value-added products will be an important step towards import substitute for the country.
Project cost
Rs. 400 crore
(approx)
To be set up at
Chhatrapur
Ganjam, Odisha.
For Making
Titanium
& Allied Products
Nalco issues bonus shares, opting stock-split
Nalco for the first time has decided to go for capital restructuring by splitting a share of
Rs.10 into two shares of Rs.5 each. The Company has approved 1:1 bonus i.e one bonus
share for each share held, while taking into account the Q3 results in its Board Meeting
held on January 31.
According to Shri B.L. Bagra, CMD I/c & Director (Finance), by enhancing the number
of shares and reducing the price for each share, the float and liquidity of the share shall
be enhanced in stock exchange. Moreover, this is also expected to increase the market
capitalization and enhance value to the shareholders.
It may be mentioned that Nalco’s paid-up capital of Rs.644.31 crore would stand
enhanced to Rs.1288.62 crore, without any cash consideration, once the Board’s resolution
is endorsed by the shareholders.
By amending the Article of Association, Nalco has created a provision for issue of ESOP i.e shares to its employees. The
ESOP is planned to be issued to the executives of the Company as part payment of dues to them under performance related
payment (PRP), a component of revised pay package. The detailed scheme of ESOP, including price, is yet to be finalized.
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