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Home >> Bhubaneswar

Naveen Patnaik expresses concern over Nalco disinvestment

| Friday | 23rd June, 2017

Naveen , in his letter, said Nalco has an excellent track record of performance and is poised for a robust growth in future. BHUBANESWAR: Chief minister Naveen Patnaik has expressed concern about the disinvestment of equity holding in Nalco undertaken by the Centre at regular intervals.In a letter to Prime Minister Narendra Modi on Friday, the chief minister urged the Centre to put the decision of further disinvestment in the Navratna PSU on hold. "The disinvestment move will negatively impact the internal accruals of the company and may even hamper the smooth implementation of these important expansion projects," he said.Describing the Navratna company as a symbol of Odisha's pride, Naveen said there is discontentment among the people of Odisha and the employees of the company after the recent disinvestment effected by the Centre. "To enhance the production capacity of Nalco and increase its productivity, the state government has reserved the Pottangi bauxite deposit over an area of 1738.04 hectares having an estimated resource of about 74 million tonne of bauxite in favour of Nalco," he said.The chief minister also said that the high level clearance authority has recently approved two expansion proposal of the company both at the smelter at Angul and refinery at Damanjodi which will have an investment of Rs 4357.20 crore.

BHUBANESWAR: Chief minister Naveen Patnaik has expressed concern about the disinvestment of equity holding in Nalco undertaken by the Centre at regular intervals.In a letter to Prime Minister Narendra Modi on Friday, the chief minister urged the Centre to put the decision of further disinvestment in the Navratna PSU on hold. Naveen , in his letter, said Nalco has an excellent track record of performance and is poised for a robust growth in future. "To enhance the production capacity of Nalco and increase its productivity, the state government has reserved the Pottangi bauxite deposit over an area of 1738.04 hectares having an estimated resource of about 74 million tonne of bauxite in favour of Nalco," he said.The chief minister also said that the high level clearance authority has recently approved two expansion proposal of the company both at the smelter at Angul and refinery at Damanjodi which will have an investment of Rs 4357.20 crore."The disinvestment move will negatively impact the internal accruals of the company and may even hamper the smooth implementation of these important expansion projects," he said.Describing the Navratna company as a symbol of Odisha's pride, Naveen said there is discontentment among the people of Odisha and the employees of the company after the recent disinvestment effected by the Centre.

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