Nalco aims to triple turnover to Rs25,000 cr by 2020

State-owned aluminium producer National Aluminium Company Limited (Nalco) aims at an over three-fold increase in its turnover to Rs25,000 crore by 2020.

After signing a memorandum of understanding with the ministry of mines for 2013-14, the Bhubaneswar-based company said its gross sales is projected to go up to Rs7,282 crore in 2012-13 from Rs6,927 crore achieved a year earlier.

According to the MoU, Nalco hopes to clock Rs7,757 crore gross sales in the current fiscal.

The company is yet to announce its financial results for financial year 2012-13. However on Thursday, Nalco declared an interim dividend of Rs193.29 crore for the year, of which Rs156.68 crore is the union government's share.

After the recent divestment of government shares through an offer for sale, the union government holds 81.06 per cent of Nalco. The remaining shares are held by over 66,000 shareholders, including banks, financial institutions and individual shareholders.

Nalco has set a target for production of aluminium and alumina at 1.7 million tonnes (mt) and 4 mt respectively by 2020.

One of the objectives of the company is also to transform itself from being only an "aluminium producer" to a metal producer and energy provider.

It also plans to venture into two new fields of activity beyond aluminium by 2016 and enter into joint venture pacts with domestic and foreign clients to develop long-term relations.

The company aims to invest Rs1,053 crore during the current fiscal.