Odisha, By our Correspondent, Sat, 19 Sep 2009 18:42:16 GMT
Bhubaneswar ( Orissa ) In a bid to spread its wing in foreign soil the public sector navratna, Nalco will set up a smelter plant in Indonesia. The Govt of Indonesia has approved the foreign investment proposal of the company.
The Nalco is also planning to acquire a coal mine of 200 million tones resever in joint venture for setting up the smelter and power plant.
In view of the abundant reserve of natural gas and availability of cheap electricity in Iran, Nalco has decided to set up a smelter plant in that country. It has prepared a feasibility report and also conducted due diligence.
The public sector alumina major which has posted a a net profit of Rs 1272 cr and an export earning of rs 2085cr in 08-09 , has decided to set up 5 lakh tonne smelter plant and 1250 MW power plant at Brajaraj nagar in Jharsuguda district. The proposal has been conditionally approved by Govt of Orissa.
Similarly it has decided to set up 14 lakh tonne Alumina Refinery in neighbouring Andhra Pradesh. The company has prepared a fesibility report. The centr has accorded propr approval for the mining lease proposals of Andha Pradesh for awarding leas to Nalco.
In the 28th annual general meeting of the company which was held in Bhbubaneswar, it has approved a dividend payout of 50% amounting to rs 322.16 crore.
Speaking in a press conference Nalco has revealed that it has recorded alumina production of 1576500 tonnes during 08-09. Similarly it has reported a highest ever aluminium cast metal production of 361,262 tonnes against 360,457 tonnes in 207-08.
It has also achieved the highest-ever domestic sale of 271274 tonnes of metal,surprising the previous best of 263,494 tonnes in 06-07.
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