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India's NALCO inks MOU for higher 2016-2017 fiscal year production, financial targets

India's state-owned National Aluminium Co. Ltd. signed a memorandum ofunderstanding with the Indian Ministry of Mines regarding financial andnonfinancial targets for the 2016-2017 fiscal year.

Pursuant to the agreement, the target for revenue fromoperations, excluding excise duty, has been fixed at 71 billion Indian rupees.

According to a July 18 release, the MOU has also set higher year-over-yeartargets for alumina and aluminum production.

Nalco has set an annual production target of 2.13 milliontonnes of alumina and 385,000 tonnes of aluminum in the current fiscal year.The company produced 1.95 million tonnes of alumina and 372,000 tonnes ofaluminum in the 2015-2016 fiscal year.

Meanwhile, Nalco set a CapEx target of 10.21 billion rupeesfor the current fiscal year for the development of several projects, and othermodernization activities.

As of July 18,US$1 was equivalent to 67.16 Indian rupees.