New Delhi: National Aluminium Company Limited (NALCO) has set a target of achieving Rs 9350 crore revenue from operations in the 2018-19 financial year, which is 15% higher than last year.
NALCO signed a memorandum of understanding with the Union Ministry of Mines in this regard, said a release on Monday.
The MoU was signed between Mines secretary Anil Gopishankar Mukim and NALCO CMD Tapan Kumar Chand in New Delhi on Monday.
Mukim complimented NALCO management for the excellent performance of the company, high standard of corporate covernance in 2017-18 and robust business plans for 2018-19.
The MoU has been formulated as per Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.
The MoU has also set a target of 2.1 million tons for production of Alumina with 100% capacity utilisation & an optimum Aluminium production target of 4.15 lakh tonnes.
It sets a target of the reduction in net carbon consumption as part of the improvement in production efficiency, apart from giving thrust to the commercialisation of new R&D products.
The company has set a challenging CAPEX target of Rs.1100 crore for the year 2018-19.
The expenses will be incurred in several projects like the 1 million tonne 5th stream of Refinery, Utkal-D&E coal blocks, wind power projects, JV projects and modernization and upgradation of plant equipment.
In yet another strategic move on the human resource front, target is also set for assessment of employees through People Capability Maturity Model (PCMM) and implementation of online human resource management system, the release added.
The targets will enable the company to synchronize its workforce and skill set in line with the new corporate plan.