Bhubaneswar: To address the increasing demand of aluminium in power sectors particularly in power transmission, National Aluminium Company Limited (NALCO) has unveiled its plan to set up an Alloy Wire Rod manufacturing facility at its existing Smelter Plant at Angul.
Anil Mukim, Union Mines Secretary on Thursday formally laid the foundation stone through video conferencing for the proposed Alloy Wire Rod manufacturing facility at a function in presence of NACO CMD Dr. Tapan Kumar Chand here.
The upcoming Alloy Wire Rod manufacturing facility to be set up at a cost of about Rs.131 crores and will have an installed capacity of 40000 TPY (Alloy Grade) /60000 TPY (EC Grade).
Congratulating NALCO collective for its stupendous performance of the company in the first quarter, Mukim, said NALCO has become the pride of India in non-ferrous sector and the cost focus of management has made NALCO recognised as the lowest cost producer of alumina in the world.
He also added that, he is quite impressed with the result orientation and value creation by NALCO management.
NACO has clocked a profit after tax (PAT) of Rs 687 crore in the first quarter, registering a growth of 167 % over Rs.257 crore in Q4 of previous year. As compared to the corresponding quarter of last year, the growth in net profit has jumped by a whopping 433 %, from Rs.129 crore to Rs.687 crore.