NALCO to hike alumina exports, help prop up rupee
21 Aug 2013
State-owned National Aluminium Co Ltd (NALCO) today announced plans to raise its alumina exports by 40 per cent to 1.4 million tonnes in the current financial year.
This would boost India's efforts to garner foreign exchange amid an unprecedented balance of payments crisis, NALCO production director S S Mohapatra told newspersons.
The slump in the value of the rupee has helped NALCO raise its exports. The company's overseas shipments could raise about $400 million based on current prices, according to Mohapatra.
"Our earnings will be proportionate to the rise of dollar," he said.
He claimed that NALCO was India's third-largest foreign exchange earning company last fiscal year.
NALCO plans to raise its alumina output by about 19 per cent to 2.15 million tonnes for the current financial year, ending March 2014.
Its output of aluminium, which is produced by smelting alumina, would be about 300,000 tonnes, out of which about 35-40 per cent would be exported, Mohapatra said.