Nalco eyes Rs 25,000 cr by 2020

State-run National Aluminium Company (Nalco) aims to touch a turnover of Rs 25,000 crore by 2020. A K Srivastava, chairman and managing director, Nalco said, "We expect to reach a turnover of Rs 25,000 crore by 2020. The company's second phase expansion being taken up at a cost of Rs 4400 crore, is in the final stage of completion." Nalco regulates power supply to smelter on dwindling coal stock The second phase expansion will scale up Nalco's bauxite production from 48 lakh tonnes per annum at present to 63 lakh tonnes and raise its alumina output from 15.7 lakh tonnes per annum to 21 lakh tones per annum, he said. Moreover, Nalco's aluminium production will also go up from the current level of 3.45 lakh tonnes to 5.6 lakh tonnes and the company's captive power generation is set to increase from 960 MW currently to 1200 MW following the second phase expansion. Mine fire hits coal supply to Nalco's captive power plant Srivastava said the navratna firm had lined up an investment of Rs 40,000 crore on various domestic and overseas projects. He was speaking at the Ninth Nalco Foundation Day Lecture on 'Global Economic Crisis and Rise of India in the Global Economy'. Delivering the Foundation Day lecture, B B Bhattacharya, vice chancellor, Jawaharlal Nehru University said, "The global economic crisis has proved that we cannot leave everything to the open markets. A company's success is not driven by ownership, rather it is efficient and accountable management which counts." Both India and China, poised to be global economic superpowers, have survived the meltdown, he said, adding, "Today, no major economic decision can be taken without consulting India and China due to the growing economic clout of these two countries. Together, India and China buy 50 per cent of the world's steel and China alone buys nearly 30 per cent of the world's cement." Bhattacharya took a swipe at the Centre's debt waiver scheme for the farmers stating such a measure has been announced five times in the past 20 years and the honest farmers who repay their debt in time feel cheated by the move. He called for stepping up spending on education sector in India and called for greater corporate funding on research and development. More India business stories "Only three per cent of the country's GDP is spent on education. It is shocking to note that the budget of Beijing University alone surpasses the combined budget of all the Central universities in India. Besides, there is lack of corporate interest in funding for R&D", he said. S B Mishra, former Chief Secretary of the Orissa government and A K Vohra, general manager, East Coast Railway also spoke on the occasion.