New Delhi: State-run NALCO (National Aluminium Company) is planning to revisit its expansion plans, its CMD (Chairman and Managing Director) Sridhar Patra said on Friday. While refusing to divulge the details of the new plan, the NALCO CMD said that the plans need be put before the board of directors first.
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Patra has recently taken charge of the post of CMD of NALCO on December 17. Prior to his elevation, he was serving as the Director (Finance) in the same organisation.
NALCO CMD says expansion plans need to be remodified
“We are revisiting (our expansion plans)…Whatever long-term plans you make, you cannot project for 10 or 15 years… because all the factors do not support in that manner,” Patra said on the sidelines of a mining summit organised by CII (Confederation of Indian Industry).
“We have to remodify…Whatever bottlenecks were there, we have removed almost all,” he said.
In 2018, NALCO had announced its plans to invest over Rs 30,000 crore over the next four years to launch a number of new projects and undertake expansion programmes. NALCO had then said that among the projects under execution is a 1 MTPA capacity 5th stream alumina refinery in the existing complex at Damanjodi. It was estimated to cost Rs 5,540 crore and was to be completed by April 2021.
Around Rs 9,000 crore was being spent on the establishment of 6 lakh TPA smelter at the existing complex at Angul in Odisha. NALCO is a Navratna CPSE under the Ministry of Mines.
National Aluminium Company Limited (NALCO), incorporated in 1981, is a Navratna PSU, having integrated and diversified operations in mining, metal and power under Ministry of Mines. It is one of the largest integrated Bauxite-Alumina-Aluminium-Power complex in the country encompassing bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations.