NALCO signed a MoU with Indian Rare earths ltd a PSU under Department of Atomic Energy, for making value added products from beach sand minerals, which would subsequently be used for making titanium and allied products. The MoU was signed by CMD of NALCO and CMD of IREL in Bhubaneswar, on January 14. The project is estimated to cost INR 400 crore and is planned to be set up at Chhatrapur in Ganjam district of Odisha. Another MoU was also signed in Jakarta on October 4th 2011 with Government of East Kalimantan to set up a Smelter & Power Project.
Board of Directors of NALCO has approved the capital restructuring of equity by splitting the share of INR 10 into two shares of INR 5 each. The Board has also decided for 1:1 bonus share, ie one bonus share for each share held, in its board Meeting held on January 31st 2011.
Approval of mining Lease of the INR 338 crore Utkal-E Coal Mine project was received from Ministry of Coal, Government of India in June 2011.
Nalco’s 2nd phase Expansion was completed in all respect with the commissioning of Alumina Refinery project in June, 2011.Other units viz. Smelter and CPP were commissioned in December, 2009 and August, 2010 respectively.
Smelter Plant at Angul started production of another variety of rolled product named as chequered sheet with thickness ranging from 0.60mm to 3.0 mm. The new product has a high demand in automobile industry, vehicle manufacturing and industrial flooring. The first consignment was flagged off on October 17th 2011.
Nalco and Nuclear Power Corporation of India Limited signed a joint venture agreement at Mumbai November 9th 2011 to form a joint venture company for establishment of Nuclear Power Plants in India. Under the JV agreement, Nalco would have 49% equity stake out of which 26% equity would be contributed now and would be enhanced later to 49%. The balance would be controlled by NPCIL. Both the companies have already selected Kakrapur units 3 & 4 of 700 MW each in Gujarat as their first JV project where the construction work has already started.
Board of Directors of Nalco in May, 2011 approved the Investment proposal and award of work for establishing 50 MW wind Power Plant in Andhra Pradesh at an investment INR 330 crore. The contract was awarded in June, 2011 and the project is scheduled for completion in February, 2012.
The mining lease of Panchpatmali South Block was renewed for another 20 years with the receipt of Stage-II forest clearance on 20th July, 2011. The original lease period had expired after 30 years of mining.
Against global bid, NALCO has been shortlisted as the only successful bidder for the Mines & Refinery project in Gujarat. The project is scheduled to start in 2012.
The 5th Long Term Wage Settlement of Nalco employees were signed on September 5th 2011 for a period of ten years, with five Recognized Unions.
In financial year 2011-12, the profit after tax for the half year ended September, 2011 was INR 516 crore, compared to INR 508 crore for same period last year.
