BHUBANESWAR: National Aluminium Company Limited (NALCO has been granted the Navratna status, company sources said on Tuesday.
Navratna status is conferred on select Central Public Sector Enterprises (CPSEs) on becoming significant players in the economic development of the country. On achieving the status, certain powers are delegated to those CPSEs that had comparative advantages and capacity to become global giants.
NALCO is presently undergoing its second phase expansion with an investment of more than Rs. 5,000 crore, which is scheduled to be completed by the end of this year. At the same time, the company is also planning to set up smelter and power plants in Indonesia and South Africa.
The net profit and sales turnover for the financial year 2007-08 worked out to Rs. 1624.89 crore and Rs. 5474.08 crore respectively, as against the corresponding figures of Rs. 2381.38 crore and Rs. 6514.51 crore achieved during the previous year.