Dispelling reports of privatisation of Nalco, the government today said it is facilitating Rs 5,540 crore expansion plan to make the PSU a leading aluminium producer.
Dispelling reports of privatisation of Nalco, the government today said it is facilitating Rs 5,540 crore expansion plan to make the PSU a leading aluminium producer.
"It has come to the notice of the government regarding a news item appearing in some section of the Press that Government of India is trying to privatise the National Aluminium Company Limited (NALCO) through buyback and offer for sale (OFS). Due to such news items, NALCO is facing agitation by its workers," the Ministry of Mines said in statement.
The ministry "in order to clear any misleading information" would like to clarify that "NALCO is a prestigious Navratna Central Public Sector Enterprise (CPSE) and the central government appreciates its role in the progress of the country as well as state of Odisha", it said.
The central government is making all possible efforts to improve and further expand the capacity of NALCO so that it becomes a major producer of aluminium in India as well as at global level, the statement said.
"The Ministry of Mines is facilitating NALCO for enhancing its production capacity of Alumina Refinery by setting up of 1 MTPA alumina refinery (Stream-5), Damanjodi under Phase-3 expansion of M&R unit at an estimated cost of Rs 5,540 crore," the ministry said.
To augment the bauxite reserves of the company, the Centre has recently extended the reservation of Potangi Mines in favour of NALCO for further 5 years, the ministry informed.
In April this year, NALCO share sale attracted bids worth Rs 954 crore on strong demand from HNIs and institutional buyers.
The share sale attracted bids for over 14.24 crore shares as against 7.73 crore offered to institutional investors, an over-subscription of 1.84 times.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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