Search Result for : Nalco

PTI Despite a world-wide sluggish market in metal sector, Navratna PSU Nalco has registered an impressive performance in the first half of 2016-17 fiscal.While bauxite mining was up by 23.6 percent at 35.08 lakh tonnes as compared to the corresponding six months of the previous financial year, the alumina hydrate production rose by 5.1 percent to 9.68 lakh tonnes compared to the corresponding period last year, an official release said.During the period, the company produced 1.88 lakh tonnes of aluminium, which is 4.2 percent higher than the production in the same period of FY 2015-16.NALCO's net power generation has also gone up by 3.6 percent to 2,945 million units as compared to the corresponding period of the previous fiscal.NALCO also generated ...

The Dollar Business Bureau The Union government is mulling imposing minimum import price (MIP) on aluminium in order to help the domestic industry from cheaper imports. The Revenue Department under the Finance Ministry is in the process of studying low-cost aluminium products being imported from other countries. The CEOs of several domestic aluminium manufacturing companies including Vedanta, Nalco, Hindalco and Balco met the Finance Minister Arun Jaitley last week with a demand to protect the aluminium industry from cheaper shipments. They have urged the minister to impose strict restrictions on aluminium imports the way it had earlier imposed MIP on steel imports, sources said. Being the largest metal producer, China is exporting excess aluminium to India amid weak demand. The discussions are underway with the government to ...

PTI  State-run Nalco inked a pact with the Union Ministry of Mines to meet revenue target Rs 7,100 crore revenue from operations. The MoU was formulated as per the new guidelines of Department of Public Enterprises and finalised after discussions with both an Inter-Ministerial Committee as well as Ministry of Mines. The MoU was signed between Balvinder Kumar, Secretary, Ministry of Mines and Dr Tapan Kumar Chand, CMD of Nalco in New Delhi, a company release said. As per the MoU, the target for revenue from operations, excluding excise duty, has been fixed at Rs 7,100 crore. The MoU has also set higher targets for production of both alumina and aluminium as compared to the previous fiscal, it said. Nalco has set an annual ...

The Dollar Business Bureau National Aluminum Company Ltd, (NALCO) a Navratna Central Public Sector Enterprise, under Ministry of Mines, has been granted lease of Pottangi Bauxite mines, Odisha. The Bauxite mine, whose lease has been extended to NALCO, is situated in Koraput of Odisha, where NALCO’s 22,75,000 tonne capacity lumina refinery is based. NALCO, on Wednesday, stated that the lease of Pottangi which is spread across 1,738 hectares, has been granted for 50 years. The department of steel and mines, recently, issued an order announcing about the lease, said the Navratna PSU in a release. Tapan Kumar Chand, Chairman-and-Managing Director of Nalco, stated that the company now has to live up to the expectations of both state and the Centre, and also the people of ...

The Dollar Business Bureau To initiate improvements in public sector units (PSUs), a roadmap reform has been submitted by NITI Aayog to the Prime Minister's Office (PMO). This is with regard to the closing and strategic sale of government shareholdings in some earmarked PSUs. “NITI Aayog has provided two different lists of public sector companies - one is that of sick companies which are in the list-of-probables for closure and the second is of companies which should be divested,” a source said. Through a strategic sale, the government will reduce its stake to 49 percent or less in these PSUs, the source added. In his Budget speech 2016-17, Finance Minister Arun Jaitley had referred to the sales of PSUs that NITI Aayog  will undertake. In line with that ...

The Dollar Business Bureau State-owned National Aluminium Company Limited (NALCO) and Mines & Mining Industries Development & Renovation Organisation (IMIDRO) of Iran have signed a Memorandum of Understanding (MoU) to together explore the possibility of establishing an aluminium smelter in the Islamic Republic of Iran. "NALCO has signed an MoU with IMIDRO to jointly explore the possibility of setting up an aluminium smelter in Iran, with supply of alumina from NALCO’s refinery in India," the company said in a filing with BSE. The MoU also anticipates tolling arrangement with prevailing smelters in Iran for manufacturing aluminium from alumina provided by the company, among other things. T K Chand, Chairman & Managing Director, NALCO, said, “We are looking forward to utilise the gas-based energy available ...

Source: PTI  Upbeat about a rise in aluminium consumption in India, Navaratna PSU Nalco is all set to invest Rs.30,000 crore in various projects in the next five years. “Nalco plans to invest to the tune of Rs.30,000 crore in the next five years,” Nalco’s CMD Tapan Kumar Chand said in his Republic Day message, adding that a Rs.6,000-crore refinery project in Damanjodi is on the anvil too. “Sunny days are ahead for aluminium industries as consumption in the country is slowly picking up against the backdrop of an increase in GDP to 7.5% this fiscal and availability of consumption potential of more than three multiples,” the CMD said. Noting that the average consumption was 2.2 kg in India as against the global 8 kg ...

Himanshu Vatsa | The Dollar Business Aluminium manufactures have asked the government to increase duty on the imported metal and its scrap up to 10% to protect the domestic industry. At present, the government imposes import duty on aluminium and its scrap at 5% and 2.5% respectively. But the domestic producers have been facing major threat due to cheap import from China and West Asian countries. The issue was discussed on Thursday in a meeting between the representatives of the Aluminium Association of India (AAI), Mines Secretary Balwinder Kumar and Chairman of the Central Board of Excise and Customs Kaushal Srivastava. The industry body has demanded a duty hike up to 10% flat on aluminium and its scrap and expressed hope ...