Foundation Stone Of NALCO’s Alloy Wire Rod Unit Laid

Bhubaneswar: Mines Secretary, Government of India, Anil Mukim laid the foundation stone of the Alloy Wire Rod Unit of aluminium major National Aluminium Company Limited (NALCO) at Angul, through video conferencing at its corporate office here on Thursday.

Congratulating NALCO collective for its stupendous performance in the first quarter declared on Wednesday, Mukim said, “The company has become the pride of India in non-ferrous sector and the cost focus of management has made NALCO recognised as the lowest cost producer of alumina in the world.”

“NALCO has clocked a PAT of Rs 687 crore in the first quarter, registering a growth of 167 percent over Rs 257 crore in Q4 of previous year. As compared to the corresponding quarter of last year, the growth in net profit has jumped by a whopping 433 percent, from Rs 129 crore to Rs 687 crore,” he said.

The proposed Alloy Wire Rod manufacturing facility to be set up at NALCO’s existing Smelter Plant in Angul with an investment of Rs 131 crore will have an installed capacity of 40000 TPY (Alloy Grade) /60000 TPY (EC Grade).

The manufacturing facility will address the increasing demand of aluminium in power sectors, particularly in power transmission.

Speaking on the occasion, NALCO Chairman-cum-Managing Director Dr Tapan Kumar Chand said, “The per capita aluminium consumption in India is only 2.2 kg against world average of 7 kg and 20 kg in China. Our country as fastest growing economy of the world is set to witness a quantum jump in aluminium consumption in next two to three years.”

 

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