NALCO sets capex target of Rs 1,021 crore for 2016-17

National Aluminium Company (NALCO), a public sector unit under the Ministry of Mines, has set a capital expenditure (capex) of Rs 1,021 crore for 2016-17. The capex would be used for projects like development of Utkal D&E coal blocks, wind power projects of 50 MW each in Maharashtra and Rajasthan, addition of fifth stream in the existing alumina refinery at Damanjodi, Koraput, a 20 MW solar power project in Madhya Pradesh and other expansion and modernization activities.

The company has completed buyback of shares that was approved by the shareholders in July this year. Post buyback, the paid-up share capital of the company stands reduced to Rs 966.46 crore from Rs 1,288.62 crore.

NALCO has the largest integrated alumina-aluminium complex of Asia. Its integrated operations cover the entire aluminium production value chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.