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MINING AND INDUSTRIALISATION UPDATE, ORISSA - Vasundhara

MINING AND INDUSTRIALISATION UPDATE, ORISSA - Vasundhara

MINING AND INDUSTRIALISATION UPDATE, ORISSA - Vasundhara

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BHUBANESWAR, July 31: NationalAluminium Company Limited (Nalco), aNavratna PSU reported a profit after tax ofRs 525.33 crore for the 1st quarter endedJune 30, registering an increase of 17.6 percent over Rs 446.66 crore achieved in thecorresponding period of the previous fiscal.According to the results taken on record at ameeting of the board of directors here today,the company has also reported a turnover ofRs 1606.41 crore, compared to Rs 1287.12crore achieved in the corresponding quarterof the previous year, recording a jump of24.8 per cent. On the sales front, thecompany sold 2,21,405 MT of alumina inthe 1st quarter, which was 2,07,765 MT inthe corresponding period a year ago.Similarly, the aluminium sale increasedfrom 75,858 MT to 84,103 MT during thecomparable quarter. The board was alsoinformed about the company’s proposed 5lakh ton smelter and 1260 MW captivepower plant project which had recently beencleared by the single window clearanceauthority of the state government. Theproject entails an investment of Rs 16,345crore. The proposal now awaits approval ofthe apex-level committee chaired by thechief minister. At the same time, the 2ndphase expansion projects of the company arenearing completion with an investment ofabout Rs 5000 crore. The company has alsodrawn ambitious plans to invest around Rs40,000 crore in various Greenfield projectsin India and abroad, including Indonesia,South Africa and Iran. The board was alsoappraised of the Greenfield project inIndonesia for which a MoU had been signedearlier this year. The company intends toinvest Rs 14,000 crore for a 5 lakh tonsmelter and a 1250 MW captive power plantin Indonesia. Consultants engaged for siteselection have favoured Tanjung Api-Api asper preliminary reports. The Navaratnacompany is also expediting its plans to opennew bauxite mine in Andhra Pradesh and setup an Alumina Refinery there.Asked about the disruption in productiondue to short supply of coal both at Anguland Damanjodi, company sources saidglobal market price was high and this hadenabled it to offset the loss caused by suchdisruptions. With regards to the current coalshortage faced at Damanjodi, these sourcessaid over the last couple of days railwayrakes carrying coal from Talcher and Corbaarea have reached the refinery. Two rakeshave reached during he last two daysproviding some relief, they added.21

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