Summary:
BHUBANESWAR: To address the increasing demand of aluminium in power sectors particularly in power transmission, the National Aluminium Company Limited ( NALCO ), will set up an Alloy Wire Rod manufacturing facility at its existing smelter plant at Angul. It has registered a growth of 167% over Rs 257 crore in Q4 of previous year. The growth in net profit has jumped by a whopping 433%, from Rs 129 crore to Rs 687 crore as compared to the corresponding quarter of last year. The upcoming Alloy Wire Rod manufacturing facility will be set up at a cost of about Rs 131 crores.Laying the foundation stone, Union mines secretary Anil Mukim said, “It is a matter of pride that the cost focus of management has made Nalco recognised as the lowest cost producer of alumina in the world. The result orientation and value creation by Nalco management is indeed remarkable.”It may be mentioned that the alumina major has earned a profit after tax (PAT) of Rs 687 crore in the first quarter of 18-19 that ended in June..