Post News Network
Bhubaneswar, May 27: Country’s leading public sector aluminum firm National Aluminium Company Ltd (Nalco) is planning to produce 4.6 lakh tonne of aluminium by 2018 on the back of favourble demand environment.
“We are hopeful to produce 4.6 lakh tonne of aluminium by 2018 on the back of favorable business environment created by the present government despite the sluggish global market,” Chairman-cum- Managing Director of Nalco, Tapan Kumar Chand told reporters here. Chand, who also heads the Confederation of Indian Industry’s (CII) state chapter, also said the company is also eyeing 8-10 per cent growth in production on year-on-year basis. The navratna firm produced 3.7 lakh tonne of aluminium last fiscal and plans 3.9 lakh tonne during this fiscal. He also said that the Utkal D mine will be operational in next two years, while it will take three years for Utkal E to start production.
“Government has come up with comprehensive regulation in mining sector with new MMDR Act, which will ensure equitable distribution of natural resources. Also, District Mineral Fund will go a long way in improving the lives of people in mining zones,” Chand added. Lauding the steps of the central government, he said it has taken many proactive measures to restore demand, revive the investment cycle and to undertake structural reforms which will give positive returns in medium to long-term.”
“Some of the key reform initiatives announced by the government such as opening up of foreign investment in multiple segments, procedural reforms to improve the business climate, revamping tax administration, streamlining dispute resolution system, making tax regime more friendly and so forth would go a long way to reduce transactions costs of business,” he said. “The decision to phase out Foreign Investment Promotion Board (FIPB) would simplify the process of foreign investments in the country,” he added.
