NALCO to Invest $107 Million in Wind Power Project

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India's state-run aluminum producer, National Aluminium Company Limited (NALCO) (BSE: 532234) (Bhubaneswar) plans to establish 100-megawatt (MW) wind power capacity with an investment of $107 million. The company is currently looking for a suitable location to set up the windfarm.

NALCO has already commissioned two wind power plants in the states of Andhra Pradesh and Rajasthan. A 50.4-MW plant in Andhra Pradesh was commissioned in 2012-13 while another 47.6-MW windfarm in Rajasthan was put to operations during 2013-14. About 150 million units (MU) of electricity were generated from these two plants in 2013-14 financial year.

The Public Sector Undertaking (PSU) is also planning to set up a solar power plant at any location in the country to meet its Renewable Purchase Obligation (RPO).

To tap the overseas aluminum market, the Indian market leader has shortlisted five countries to set up a greenfield aluminum smelter. "The five countries have been shortlisted depending on the shipping distance from India, availability of the required quantum of energy and price viability, geopolitical scenario and availability of infrastructure," said Ansuman Das, NALCO's Chairman and Managing Director (CMD) at the company's 33rd Annual General Meeting (AGM).

"A consultant would be appointed shortly for ascertaining the best possible destination for the project", he told the company's share holders.

The company posted a net profit of $104 million during 2013-14 compared to $96 million achieved in the previous financial year. In 2013-14 the aluminum major has achieved the highest ever metal exports. The company recorded an export earnings of $604 million during the year.

In the first quarter of 2014-15, NALCO has registered a net profit of $44 million which is 58% higher than the profit earned in the corresponding period of the previous fiscal.

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