Home Mining No Decision On NALCO Disinvestment

No Decision On NALCO Disinvestment

Bhubaneswar: The Union Government has not taken any decision for disinvestment of National Aluminium Company (NALCO).

Union Minister of Mines and Coal, Pralhad Joshi informed this in Rajya Sabha while replying to a query of BJD Member Prasanna Acharya on Monday.

“Bharat Aluminium Company Limited (BALCO) and Hindustan Zinc Limited (HZL) are the two CPSEs under Ministry of Mines which have already been privatized through disinvestment. However, no decision has been taken by the Government for disinvestment of NALCO,” Joshi said.  

“The NALCO has been a profit making Company since inception and has been the 2nd highest net foreign exchange earning CPSE in 2020-21,” he said.

Government of India is the major shareholder of NALCO since inception, there has been Dividend contribution to National Exchequer. However, as the State Government is not having any shareholding, there has been no Dividend contribution to the State Exchequer, he said.

Informing about the dividend paid by company for the last five years to Government of India (GoI), the Minister said NALCO has paid Rs 511.73 crore in 2016-17, Rs 546.95 crore in 2017-18, Rs 545.92 crore in 2018-19, Rs 265.38 crore in 2019-20 and Rs 236.4 crore in 2020-21.

Similarly, the foreign exchange earnings of the Central PSE was Rs 3277.32 crore in 2016-17, Rs 3573.75 crore in 2017-18, Rs 4647.38 crore in 2018-19, Rs 3442.97 crore in 2019-20 and Rs 5060.72 crore in the last financial year.

NALCO, which was established in 1981, is a Navaratna company under the Ministry of Mines and has been the top most Central Public Sector Enterprises (CPSE), producing and exporting high quality alumina and aluminium for the last 40 years.

As per reports, the Union Government is planning to implement 100 per cent strategic disinvestment in the National Aluminium Company Ltd by way of privatization. There is widespread resentment among the employees, people and workers for such a move of the Centre.

LEAVE A REPLY

Please enter your comment!
Please enter your name here