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Mr C.R. Pradhan, CMD, addressing mediapersons in Bhubaneswar. — Ashoke Chakrabarty

Bhubaneswar , Oct. 1

NATIONAL Aluminium Company Ltd (Nalco) is actively exploring the possibility of setting up joint venture projects in the West Asian countries, since surplus alumina to the tune of 1.2 million tonnes will be available after it completes the second phase expansion. Talking to presspersons after the 24th Annual General Meeting on Friday, the Chairman-cum-Managing Director, Mr C.R. Pradhan, said the countries where Nalco was eyeing to go for joint venture projects include, Qatar, Oman and Dubai.

He said the company's shareholders have approved a dividend of 40 per cent amounting to Rs 257.72 crore, including 20 per cent interim dividend paid in February 2005 on the paid-up capital of Rs 644.31 crore.

The company posted a net profit of Rs 1,234.84 crore in 2004-05 up by 67 per cent against Rs 737.37 crore posted in the previous year.

It also achieved record sales of Rs 4,439 crore, surpassing the previous high of Rs 3,349 crore in 2003-04.

The company's total foreign exchange earnings of Rs 2,200.25 crore was also a new record, against the previous best of Rs 1,717.17 crore in 2003-04. The return on capital employed improved to 24.01 per cent ( 18.3 per cent).

The company commenced its second phase expansion in October 2004 involving a fresh investment of Rs 4,091.51 crore.

With the completion of second phase expansion in 2009, the present capacity of bauxite mines will go up from 48 lakh tonnes to 63 lakh tonnes, alumina refinery from 15.75 lakh tonnes to 21 lakh tonnes, alumina smelter from 3.45 lakh tonnes to 4.6 lakh tonnes and captive power plant from 960 MW to 1,200 MW.

Mr Pradhan said that during 2004-05, the company signed a memorandum of understanding with several domestic customers for supply of metal.

The domestic demand for aluminium helped Nalco achieve 23.5 per cent growth in sales in the domestic market.

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