NALCO AGM: Focus is on early commissioning of expansion projects, says CMD

Bhubaneswar: National Aluminium Company Limited (NALCO) declared a final dividend of 20 percent i.e. Rs 1 per equity share, during the 40th Annual General Meeting (AGM) of the Navaratna CPSE, held today at Bhubaneswar. The total dividend payout for the financial year 2020-21 comes to Rs 644.27 crore, as against Rs 279.84 crore declared and paid during the previous financial year 2019-20.

Addressing the shareholders on the occasion through the virtual platform, NALCO's Chairman & Managing Director (CMD) Sridhar Patra said that NALCO as one of the leading CPSE of the country has come a long way in the service of the Nation and powering India's mineral security. The company has not only addressed the need for self-sufficiency in aluminium but has also given the country a technological edge in producing this metal of the future at par with global standards.

Despite the outbreak of the COVID-19 pandemic with a challenging business environment, the year 2020-21 for NALCO has been a year of accomplishments. "In spite of turbulent environment, coupled with volatile nature of LME prices and subdued demand for the metal, we have made steady progress by focusing on the 5P's – production, productivity, people, projects and profit. Although LME was at rock bottom in Q1; but planned initiatives, along with effective procurement strategies led to a landslide improvement in the bottom-line of the company," he said.

With restrictions in manpower deployment and logistic constraints, NALCO's workforce exhibited exemplary dedication and sense of commitment which helped the company in achieving extraordinary performance, he added.

Sharing the future plans of the company, Patra said that the focus is now on early commissioning of the expansion activities. "With steady progress on the ongoing expansion activities, we are optimistic for commissioning of the proposed one million tonnes per annum 5th Stream of Alumina Refinery expansion by 2023-24," expressed Patra.

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