NEW DELHI, MAR 27: Government has approved conferring Navaratna status to National Aluminium Company Limited (Nalco) India's leading manufacturer and exporter of alumina and aluminium.
"We have already approved conferring Navratna status to Nalco and we will shortly notify it," Sis Ram Ola, minister of mines told reporters, accepting a dividend cheque of Rs 84 crore from C R Pradhan, CMD, Nalco. The move is likely to give the company more functional autonomy, which in turn, is likely to help Nalco in making faster investment decisions.
Asked about Nalco's performance in recent years, mines minister said "Profit of Nalco was Rs 737.37 crore in 2003-04, which increased to Rs 1234.84 crore in 2004-05 and to Rs 1562.20 crore in 2005-06. This year, the profits are expected to be substantially higher which has already reached Rs 1789.90 crore in first nine months (April-December) of 2006-07 and may further reach Rs.2300-2400 crore for the whole year. This performance has forced us to confer the Navratna status."
Sis Ram Ola added that efforts are being made to obtain joint venture projects for the company in countries which produce cheaper electricity. These include Oman, Dubai etc, but did not divulged any details.
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