By Bizodisha Bureau, Bhubaneswar, May 25, 2017 : Aluminium major National Aluminium Company Ltd [NALCO] on Thursday signed an MoU with union mines ministry setting higher targets in production, productivity, turnover and CAPEX for 2017-18.

The target for revenue from operations of the Navaratna CPSE has been fixed at Rs 8100 crore (net of excise) which is Rs 700 crore more than previous year according to the MoU.

The MoU also has fixed 100 per cent targets for production of both bauxite and alumina at 6.825 million tonnes and 2.1 million tonnes, respectively, a company release said.

Aluminium production target is set at 4.4 lakh tonnes as compared to the previous fiscal, it said adding the targets are an all time high for the company and is expected to push the profitability of NALCO despite increase in expenses on account of enhanced electricity duty, RPO obligations, employee wage revision and power & fuel oil.

The Company has a CAPEX target of Rs 1158 crore against Rs 873 crore achieved in 2016-17. The expenses are to be made in several new and ongoing projects like the 1 million tonne refinery, Utkal-D&E coal blocks, solar and wind power projects, modernisation and upgradation of Plant & equipment.

In yet another strategic move on human resource front, the company has set a new HR succession plan, HR Audit, online ACR and training in reputed business institutes for its employees. The plan will enable the company to synchronize its workforce and skill set in line with the new business plan which is already in an advanced stage finalization.

The MoU was signed between Arun Kumar, Secretary, Ministry of Mines and Tapan Kumar Chand, CMD, Nalco in New Delhi today, the release said.