The National Aluminium Company, or Nalco is executing the second phase of expansion without any hitch and it will be completed on schedule, according to CR Pradhan, Chairman and Managing Director.
In an interview here on Sunday, he said the company had embarked on the second phase of expansion in October 2004, at an estimated investment of Rs 4,090 crore and it was scheduled to be completed in four years and two months from the date of inauguration. "We are sure it will be finished on time and there will be no delay," he said.
After the completion, mine capacity would be increased to 63 lakh tonnes per annum from the existing 48 lakh tonnes. Alumina production would rise to 21 lakh tonnes from 15.75 lakh tonnes and aluminium production to 4.6 lakh tonnes from 3.45 lakh tonnes per annum. The capacity of the captive power plant would rise to 1,200 MW from 960 MW.
Mr Pradhan said the net profit, which was Rs 1,560 crore during the previous financial year, might touch or even cross the Rs 2,000-crore mark this financial year and the sales turnover (Rs 5,300 crore previously) might be a little less than Rs 6,000 crore.
He said the company had declared interim dividend of 50% (initially 35% and later 15%) for 2006-2007, working out at Rs 322.15 crore. The company had in the past taken up the issue of acquiring a mining lease to exploit the bauxite reserves in Visakhapatnam but no headway could be made. "If we get the mining lease, we are willing to set up a smelter," he said.
It company was exporting roughly 40% of its products.
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