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    PREFACE

    To start any business, First of all we need finance and the

    success of that business entirely depends on the proper

    management of day-to-day finance and the management of this

    short-term capital or finance of the business is calledWor king

    capital Management.

    Working Capital is the money used to pay for the everyday

    trading activities carried out by the business - stationery needs,

    staff salaries and wages, rent, energy bills, payments for suppliesand so on.

    I have tried to put my best effort to complete this task on the

    basis of skill that I

    have achieved during the last one year study in the institute.

    I have tried to put my maximum effort to get the accurate

    statistical data. However

    I would appreciate if any mistakes are brought to my by thereader

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    ACKNOWLEDGEMENT

    A work is never a work of an individual. I owe a sense of

    gratitude to the intelligence and co-operation of those people

    who had been so easy to let me understand what I needed from

    time to time for completion of this exclusive project.

    I am greatly indebted to my guides Prof. DENESH SINGH

    ,faculty guide for

    Finance (summer internship), Accman

    Institute Of Management & Mr.

    SATYABRATA DASH , Manager , Finance Department,corporate office ,

    NALCO , Bhubaneswar for their constant guidance ,advice and

    help which enabled

    me to finish this project report properly in time .

    I am also grateful to Prof.S.C.GHOSH, CRIC Chief and Mr.

    RAJIV KUMAR, DIRECTOR, Accman Institute of

    Management, for permitting me to undertake this study.

    Last but not the least, I would like to forward my gratitude to my

    friends & other faculty members who always endured me and

    stood with me and without whom I could not have completed

    the project.

    Rakesh Kumar Bara

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    DECLARATIONI do hereby declare that this piece of project report entitled A Study on Workingcapital Management practices in NALCO for partial fulfillment of the

    requirements for the award of the degree ofPOST GRADUATE DIPLOMA INMANAGEMENT is a record of original work done by me under the supervision

    and guidance of Prof. DENESH SINGH, Accman Institute Of Management .Thisproject work is my own and has neither been submitted nor published elsewhere.

    PLACE:

    SIGNATURE OF THE STUDENT

    DATE

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    CERTIFICATE

    This is to satisfy that the summer project work of Mr. Rakesh

    Kumar Baral Titled Working capital management is an original

    work and this work has not been submitted elsewhere in any

    form. The indebtness to other works/publications has been

    duly acknowledged at the relevant places. The project work

    was carried out during 02.05.2009 to 02.07.2009 in National

    Aluminum Company Limited

    (NALCO).

    Date:

    Mr. Satyabrata Dash, Manager (finance)

    NALCO, Corporate office

    NALCO Bhaban, Bhubaneswar

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    TABLE OF CONTENTS

    Sr. No.

    Contents

    Page No.1

    Preface

    2

    2

    Acknowledgement

    3

    3

    Declaration4

    4

    Certificate

    5

    5

    Executive Summary

    86

    Introduction To The Study

    9-10

    (A)

    Objective Of The Study

    (B)

    Research Methodology and Scope Of Study

    (C )

    Limitation Of The Study

    7

    Introduction- Indian Aluminium Industry

    11-21

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    (A)

    Aluminium Structure, Inputs and Products

    (B)

    Financial Year-08(c)

    Prospects

    (D)

    Salient Features Of The Industry

    (EQuantitative Industr

    (F)

    Consumption Of Aluminium In India8Introduction NALCO

    22-34(A)

    Brief History(B)

    Achievements(C)

    Nalco- products(D)

    5 years performance physical and highlights

    (E)Production - next 5 years9

    Introduction-Working Capital35-4210

    Working Capital Management43-51(A)

    Consequences of under and over assessment of W.C(B)

    Types of W.C

    (C)Financing W.C(D)

    Inventory Management(E)

    Cash Management(F)

    Receivables Management11

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    Important Terms and Ratios (graphical presentation)52-6212

    Conclusion63

    ////////////13

    Bibliography

    64

    EXECUTIVE SUMMERYThe major objective of the study is to proper understanding the working capital of

    NALCO & to suggest measures to overcome the shortfalls if any.

    Funds needed for short term needs for the purpose like raw materials, payment of wages and

    other day to day expenses are known as working capital. Decisions relating to working capital

    (Current assets-Current liabilities) and short term financing are known as working capital

    management. It involves the relationship between a firms short-term assets and its short term

    liabilities. By definition, working capital management entails short-term definitions, generally

    relating to the next one year period.

    The goal of working capital management is to ensure that the firm is able to continue its

    operation and that it has sufficient cash flow to satisfy both maturing short term debt andupcoming operational expenses.

    Working capital is primarily concerned with inventories management, Receivablemanagement, cash management & Payable management.

    Inventories management at NALCO:

    NALCO is a large scale manufacturing company involved in mining of Bauxite and production

    of Aluminum. Therefore, it has to maintain large quantity of inventories at production units for

    its smooth running and functioning.

    Cash management at NALCO:

    NALCO has been accumulating huge cash surpluses over last several years, which enables the

    organization to maintain adequate cash reserves and to generate required amount of cash.

    Receivables management at NALCO:NALCO has set up its marketing office at all metro cities in India i.e. Mumbai,

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    Kolkata, New Delhi, Chennai, Bangalore, and Pondicherry. This marketing office

    Payiop[dfhjkfghj444566

    Place of study:-

    The project study is carried out at the Finance Department

    ofNALCO Corporate office Situated at Bhubaneswar, ORISSA.

    The study is undertaken as a part of the PGDM curriculum from

    02 MAY 2009 to 02 JULY 2009 in the form of summer

    placement.

    Study design and methodology:-

    Two types of data are collected, one is primary data and second

    one is secondary data. The primary data were collected from the

    Department of finance, NALCO. The secondary data were

    collected from the Annual Report of NALCO, NALCO website,

    etc.

    Limitations:-

    There may be limitations to this study because the study

    duration (summer placement) is very short and its not possible

    to observe every aspect of working capital management

    practices.

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    INDIAN ALUMINIUM INDUSTRY

    Aluminium Industries in India is one of the leading industries in

    the Indian economy. The growth of the aluminum Metal

    industry in India would be sustained by the diversification andexploration of new horizons for the industry. India has huge

    deposits of natural resources in form of minerals like copper,

    chromite, iron ore, manganese, bauxite, gold, etc. The India

    aluminum industry falls under the category of non iron based

    which include the production of copper, tin, brass, lead,

    zinc,aluminum,andmanganese.

    The main operations of the of the India aluminum industry is

    mining of ores, refining of the ore, casting, alloying, sheet, and

    rolling into foils. At present, Hindalco and Nalco are one of the

    most economical in the production of aluminum in the world.

    For the sustenance of the growth the aluminum industry in India

    has to develop research and development units to assist the

    production and improve on the

    quality

    measures

    to

    keep

    a

    stringent

    quality

    control.

    The India aluminum Metal Industries sector in the previous

    decade experienced substantial success among the other

    industries. The India aluminum industry is developing fast and

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    the advancement in its technologies is boosting the growth even

    faster. The utilization of both international and domestic

    resources was significant in the rapid development of the India

    aluminum industry. This rapid development has made the Indiaaluminum industry prominent among the investors. The India

    aluminum industry has a bright future as it can become one of

    the largest players in the global aluminum market as in India the

    consumption is fairly low, the industry may use the surplus

    production to cater the international need for aluminum which is

    used all over the world for several applications such as aircraft

    manufacturing, automobile manufacturing, utensils, etc.

    The per capita consumption of aluminium in India is only 0.5

    kg as against 25 kg. In USA, 19 kg.in Japan and 10 kg. In

    Europe , Even the Worlds average per capita consumption is

    about 10times of that in India. One reason of low consumption

    in the country could be that consumption pattern of aluminium

    in India is vastly different from that of developed countries. The

    demand of aluminium is expected to grow by about 9 percent

    per annum from present consumption levels. This sector is going

    through a consolidation phase and existing producers are in the

    process of

    enhancing their production capacity so that a demand supply gap expected in future is bridged.

    However, India is a net exporter of alumina and aluminium metal at present.

    ALUMINIUM-STRUCTURE

    The aluminium industry in India can be classified as:

    (a) The primary producers who produce ingots and billets (primary form of

    aluminium) using bauxite.

    (b) The secondary producers who add value to the ingots and billets to

    produce semi-fabricated products.

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    At present there are only five companies in the primary aluminium market viz.Hindalco, Indian

    Aluminum (Indal), Madras Aluminum (Malco), National Aluminum (Nalco) and Bharat

    Aluminum (Balco). The former three are private sector companies while the latter two are

    government owned.

    All the primary producers have integrated forward into the manufacture of high value semi-

    fabricated products like rods, rolled products, extrusions and foils.

    Regulated till 1989o Until 1989, the Aluminum Control Order (ACO) required all domestic

    manufacturers to ensure that atleast 50% of their ingot production was electrical grade, for use by

    the transmission power industry. The government fixed ingot prices on the basis of a Retention

    Pricing Mechanism, taking into consideration the average retention prices of all producers and a

    minimum return on equity.

    o The above control resulted in a skewed product mix and shortages of

    aluminum for other sectors. The problem was further compounded by the vulnerable financial

    position of State Electricity Boards (the main users of electrical grade aluminum) and high

    import and excise duties. The producers resorted to inflated prices for other types of aluminium

    to compensate for the disadvantages they suffered because of this regulation.

    Ghjklfgiuiiyt

    Bauxiteo Indian bauxite reserves at 3 bn tonnes, are the 5th largest in the world, and

    account for 6% of total world reserves. Most alumina refineries are designed

    around the bauxite reserves to reduce transportation costs. Cost per tonne of

    bauxite varies for players depending on the location of the refinery and

    bauxite mines.

    o For example, Nalco has an estimated 1,600 m tonnes of bauxite reserves

    only 20 kms from its alumina refinery, enabling it to become one of the mosteconomical bauxite producers in the world.

    Power Power constitutes the single largest cost component for aluminium

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    manufacturers (3540% of operating costs). Almost all the major Indian

    companies have captive power plants thus giving them access to cheap

    power. This makes India one of the most competitive low cost aluminium

    producers in the world.

    Hindalco and Nalcos production costs are amongst the lowest in the world. Both companies

    have the advantage of 100% captive power, vital in a power intensive industry and in a power

    deficit country like India.

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    Aluminium Products

    o Aluminium products can be segregated into rolled products,

    extrusions, and

    foils.o Rolled products find applications in automobiles (paneling,

    floors and

    windows, but are yet to find use in structural parts and bodies),

    construction (roofing and walls), consumer durables,

    engineering applications, web stock for laminated packaging

    (for toothpastes). A major portion of rolled products capacity is

    accounted for by the five integrated producers (around 82%).

    o Extrusions include products as bars, pipes and tubes. Major

    users of extruded

    aluminium products are buildings, transportation and electrical

    sector

    o Production in this segment is widely spread and the top three

    players control

    around 31% of the market (the largest company - Hindalcocommands

    around 14% market share in this segment).

    o Foils are sheets having thickness of less than 0.2 mm up to

    0.006 mm finding

    application mainly in the packaging sector. Major users of

    aluminium foils include the pharmaceutical, consumer products,

    cigarette and cable manufacturing industries.

    KEY POINTS

    Supply- Supply of aluminum is in excess and any deficit can be

    imported at

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    low rates of duty. Currently, domestic production comfortably

    meets domestic

    requirements.

    Demand- Demand for aluminium is estimated to grow at 6%-8%per annum in

    view of the low per capita consumption in India. Also, demand

    for the metal is expected to pick up as the scenario improves for

    user industries, like power, infrastructure and transportation.

    Barriers to entry- Large economies of scale. Consequently, high

    capital costsBargaining power of suppliers- Most domestic players operate

    integrated

    plants. Bargaining power is limited in case of power purchase,

    as Government is the only supplier. However, increasing usage

    of captive power plants (CPP) will help to rationalise power

    costs to a certain extent in the long-term.

    Bargaining power of customers- Being a commodity, customers

    enjoy

    relatively high bargaining power, as prices are determined on

    demand and

    supply.

    Competition- competition is primarily on quality and price, as

    being a

    commodity, differentiation is difficult. However, the recent

    spate of consolidation has reduced the competitive pressure in

    the industry. Further, increasing value addition to aluminium

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    products has helped some companies protect themselves from

    the high volatilities witnessed in this industry.

    FINANCIAL YEAR-08

    Global production of primary aluminum rose from 32million tons (MT) in

    2005 to 34 MT in 2006, a jump of 6%. In 2007, it further

    increased to 38 MT, an increase of 12% YoY. China alone

    accounted for 29% of global primary aluminum production.

    Asia, once again showed the largest annual increases in

    consumption of primary aluminum, driven largely by increasedindustrial consumption in China, which has emerged as the

    largest aluminum consuming nation, accounting for 30% of

    global primary aluminum consumption in 2007. As far as global

    consumption is concerned, it increased by 8.2% in 2006 and

    touched 34.7 MT. In 2007, the corresponding figures were 10%

    and 37.8 MT respectively.

    The Indian aluminium industry registered a strong double-digit

    growth in 2007 in tune with the economic growth. Strong

    growths in industrial, infrastructure, automobile, transportation

    and power sectors were the drivers

    5678p0p-

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    The consumption of aluminium in India of 0.7 kg per person in 2005 is very low in keeping with

    the countries low GDP. However, the low per capita consumption of aluminum in India is in fact

    an opportunity for growth in aluminium consumption against the back drop of fast growing

    economic conditions in India.

    However, aluminum consumption has increased 12.6% in 2006 to around 1.08mt. Consumptionis estimated to have increased to a 5 year CAGR of 12.9%. Secondary aluminium demand also

    shot up to 0.6 MT last year.

    Sector-wise aluminum consumption

    Aluminium is used in various sectors, such as, transportation, packaging, building / construction

    and electricity. However, the usage pattern differs significantly for Indian and rest of the world.

    Globally, the automotive, packaging and the construction sectors are the major end users of

    aluminium, while in India the power sector consumes most followed by automotive and housing

    sectors.

    Sector wise consumption break up

    Electrical 65%

    Transport-21%

    Construction -8%

    Packaging 5%

    Industrial machinery 4%

    Consumer durables 4%

    Steel sweetening, powers & chemicals 13%

    The Transportation sector is a major driver of aluminum consumption in the future

    where the onus of growing consumption lies with the industry. The automobile

    segment has attracted major global producers to set up theirmanufacturing facilities in the country. All these manufacturers

    are now engaged in bringing out high quality fuel-efficient cars

    in the market for India as well as global markets. Besides cars,

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    there are commercial vehicles which have also witnessed

    quantum growth over the years.

    Use of Aluminum as an alternative to steel has huge potential in

    the railways. The government has taken note of this and hasstarted working on that. Aluminum castings are primarily used

    in transport and automobile sectors.

    The global casting is currently estimated at around 7.4 million

    tons, against that consumption in India as only around 110,000

    tons. The countrys share in the global downstream sector is low

    as compared to other developed countries.Casting of aluminum alloys is a particularly versatile process

    and offers greater degree of flexibility than other methods of

    manufacture, and can be done by various methods like in sand,

    in metallic dies, under gravity or pressure, and cast by modern

    methods like low-pressure die- casting (LPDC), investment

    casting, and squeeze casting. No other metal can be cast under

    such a wide range of processes and sizes varying from a fewgrams to 100 kg.

    Although, domestic aluminum production exceeds the domestic

    demand, India imports on an average 15-20 per cent of the total

    supply of aluminum. Imports are necessary, due to the shortage

    of domestically produced ingots. Indias imports of aluminum

    and products primarily comprise of unwrought items like ingots,

    billets, scrap, bars and rods. Imports of primary aluminumproducts account for less than 10 per cent of domestic

    consumption. India also exports aluminum products such as,

    scrap, powder and flakes, bar rods, foil, pellets, sheets, tubes and

    pipes. Exports figures hovers around 82000 tons annually and

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    background and nomination status of balance 10 families has

    been taken up at appropriate level. Besides, 1495 families were

    substantially affected (i.e. parting with one third or more land) in

    Angul sector. Even from these, jobs have been provided to 1060persons. Nalco has also been sponsoring ITI training to such

    persons and 543 have been technically trained so far. Apart from

    financial compensation, employment and rehabilitation

    packages, Nalco has also spent more than Rs. 100 crore towards

    various social sector development activities. Creation of

    infrastructure in the surrounding villages for communication,

    education, health care and drinking water gets priority in the

    periphery development plans of the company. Communityparticipation in innovative farming, pisciculture, social forestry

    and sanitation programmes apart, encouragement to sports, art,

    culture and literature are all a part of Nalco's deep involvement

    with the life of the community. Successful operations of the

    company have led to employment and income generation for the

    local people in many significant ways.

    ALUMINIUM SMELTER PLANT

    The 2, 30,000 tpa capacity Aluminium Smelter is located at

    Angul in Orissa. Based on energy efficient state-of-the-art

    technology of smelting and pollution control, the Smelter Plant

    is in operation since early 1987.

    Presently, the capacity is being expanded to 3, 45,000 tpa.The salient features:

    o Advanced 180 KA cell technology

    o Micro-processor based pot regulation system

    o

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    Fume treatment plant with dry-scrubbing system for pollution

    control

    and fluoride salt recovery

    oIntegrated facility for manufacturing carbon anodes, bus bars,

    anode

    tems etc.

    o

    4 x 35 tone and 4 x 45 tone furnaces and 2 x 15 tph and 2 x 20

    tph

    ingot casting machines

    o 4 x 45 tonne furnaces and 2 x 9.5 tph wire rod mills

    o 2 x 45 tonne furnaces and 60/42 per drop billet casting

    machine

    o 2 x 1.5 tonne induction furnace with a 4 tph alloy ingot

    casting machine

    o 26,000 tpa strip casting machines

    With the acquisition and subsequent merger of International

    Aluminium Products Limited (IAPL) with Nalco, the 50,000 tpa

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    export-oriented Rolled Products Unit is all set to produce foil

    stock, fin stock, can stock, circles, coil stock, cable wraps,

    standard sheets and coils

    CAPTIVE POWER PLANT

    Close to the Aluminium Smelter at Angul, a Captive Power Plant of 720 MW

    capacity, comprising 6 x 120 MW clusters, has been established for firm supply of

    power to the Smelter.

    Presently, the capacity is being expanded to 960 MW.The salient features:

    Micro-processor based burner management system for optimum thermal

    efficiency

    Computer controlled data acquisition system for on-line monitoring

    Automatic turbine run-up system

    Specially designed barrel type high pressure turbine

    Electrostatic precipitators with advanced intelligent controllers

    Wet disposal of ash

    The water for the Plant is drawn from River Brahmani through a 7 km long double circuit

    pipeline. The coal demand is met from a mine of 3.5 million tpa capacity opened up for Nalco at

    Bharatpur in Talcher by Mahanadi Coalfields Limited. The Power Plant is inter-connected with

    the State Grid.

    Brief History:

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    After the discovery of 1000 million tons of Bauxite reserves in the Eastern Ghats,

    the govt. of India on the 28th March, 1978, authorized Aluminum Pechiney of

    France to prepare a feasibility report on the industrial exploration of bauxite for the

    establishment of an integrated

    Aluminum complex. The result of this study led to sifting of focus of attention toPanchpattermali, 30km.East of Koraput District of Orissa. Nalco was incorporated

    in 1981as a public sector Unit. The newly founded NALCO signed an agreement of

    collaboration with aluminum Pechiney, the world leader in this field for

    incorporation of technical know-how to set up Asias largest integrated aluminium

    complex.

    Location:

    Registered office...Bhubaneswar

    Bauxite mine.Panchpatmali

    Aluminium refinery..............................Damanjodi

    Captive power plant.Angul

    Aluminium smelter..Angul

    Port facilities..Visakhapatnam

    Rolled product unit.Angul

    Achievements of Nalco:1980:

    A Memorandum of Understanding was signed in January, by the Government of India for

    technical collaboration and financing of an integrated alumina-aluminium complex with

    Aluminium Pechiney of France.

    1981:

    The Company was incorporated on 7th January, as a wholly owned enterprise of Government of

    India. The Company Manufacture aluminium hydrate, claimed alumina, aluminium ingots and

    aluminium wire rods.

    1993:

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    NALCO signed a project co-operation agreement with Hydro Aluminium AG, Norway to carry

    out a joint study for feasibility of setting up a100% export oriented aluminium plant of 0.9

    million tonnes per annum capacity. 1,28,86,19,200 No. of shares allotted

    1994:

    The Company proposed to undertake expansion of bauxite mine from2.4million TPA. to 4.8

    million tpa. and alumina refinery from 8,00,000 tpa. to 13,50,000 tpa. This was subject to

    necessary clearances.

    1995:

    A Smelter plant at Angul was undertaken with a capacity of 26000 TPY of strip casting facility.

    A special Alumina plant at Damanjodi was undertaken with a Capacity of 20,000 TPY. A 10,000

    TPY detergent grade Zeolite (Zeolite-A) plant at Damanjodi, was undertaken.

    1996:

    The proposal to expand the capacities of bauxite mine at Panchpatmali from 24 lakh tonnes to 48

    lakh tonnes and alumina refinery at Damanjodi from 8 lakh tonnes to 15.75 lakh tonnes was

    approved by the GSubject to necessary approvals being obtained the company proposed to

    convert 50% of its existing equity capital into debt. The public sector aluminium giant, National

    Aluminium Company (NALCO) set up in technical collaboration with Pechiney, France is the

    largest integrated aluminium company in Asia. National Aluminium Company Ltd (Nalco),

    country's largest Aluminium Company, has opened a stockyard at Bhiwandi in Thane district.

    National Aluminium Company (Nalco), India's largest producer andex porter, got the ISO 14001

    certification for environmental excellence. The National Aluminium Company, Bhubaneswar,signed an agreement of national importance with the NRDC for licensing from the NRDC the

    knowhow to manufacture gallium from the sodium alumina plant.

    1998:

    The company has been forced to curtail its power generation capacity due to a drastic reduction

    in intake by Gridco. - the nodal power transmission and distribution agency in Orissa.

    1999:

    The National Aluminium Company Ltd (NALCO) a Government of India undertaking is setting

    up a plant for extraction of gallium at its aluminium refinery complex at Damanjodi. The

    National Aluminium Company (Nalco) will take over International

    2000:

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    Icra has retained the Laaa rating for the Rs 642.58-crore Non-convertible debenture issue of the

    company, while it has assigned an A1 rating to the Rs 5-crore CP issue of Narmada Chematur

    Petrochemicals.

    2001:

    A public sector Aluminium Company making a foray into detergent business sounds out of

    place. But if senior officials of National Aluminium Company (Nalco) are to be believed, the

    countrys second largest aluminium company will be doing that at its zeolite plant scheduled to

    start operations in July end.

    2002:

    overnment on 18.12.1996.

    1997S Behuria appointed as part time official Director of Nalco. Nalco's alumina

    refinery capacity increased to 15.75 lakh tone

    2003:

    Commissions one unit of Captive Power Plant with a capacity of 120 MW and 120 pots of

    Smelter with a capacity to produce 57,500 MT of Aluminium per year Nalco members okay

    delisting of securities from stock exchanges of Bhubaneshwar, Delhi, Calcutta & Madras

    2004:

    National Aluminium Company Limited (NALCO) has informed that Madras Stock ExchangeLimited vide its letter dated December 22, 2003 have withdrawn the admission granted to

    dealings on their exchange for the securities of NALCO. Nalco open offer to acquire 20% stake

    for Ondeo Nalco India.

    2005:Nalco inks agreement with NMDC.

    NALCO-PRODUCTS

    Yuiioiopioiyioo[p]

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    particularsunits 2007/08 2006/07 2005/06 2004/05 2003/04

    1.productionBauxite

    MT46,84,684 46,23278 4854253 4851721 48,16,762Alumina

    HydrideMT1575500 1475200 15,90,000 1575500 1556100Alumina forIn

    consumptionMT 3,60,4573,58,7343,58,9543,38,4832,98,207Rolled productsMT 10,004 2,587 5,040 8582,660

    Power(net)MU 5,609 5,968 5,679 5,613 5,1222.Export salesAlumina

    MT 8,59,9437,73,5738,62,6169,09,0819,34,874AluminumMT 1,00,84792,678 95,747 1,32,7301,29,718

    3.DomesticsalesAlumina/hydride

    MT 11,307 10,920 12,994 21,177 17,784AluminumMT 2,43,0642,61,6362,58,0942,05,7941,66,650Power

    MU 129

    421322406

    4985 YEARS PERFORMANCE HIGHLIGHTS

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    1. SALES Rs.crores

    2.EXPORTS-Rs.crores

    3. NET PROFIT-Rs.crores1.

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