Bhubaneswar: The National Aluminium Company Ltd (Nalco) CMD, Dr.TK Chand, Sunday said the company is working on a business model to make an additional profit of Rs 935 crore.

“The business model provides for focusing on commissioning of the refinery expansion project,  operation of Utkal-D coal block, setting up of Wire Rod Mill 3, and bringing into stream Caustic Soda Plant,” said the CMD. He also said that Nalco is tying up with ALMEX of the US for high-end value products.

Chand said the Rs 5,540 crore expansion project to add 1 million tonne per annum (mtpa) capacity with commissioning the fifth stream of the Damanjodi alumina refinery is expected to be completed by April 2021.

According to him, the development of Utkal D and Utkal E coal mines at Angul is expected to be completed by 2019-20 and 2022-23 respectively.

The Nalco-Idco Angul Aluminium Park at Angul is expected to commence operations by 2019-20, he added.

The CMD said that in 2017-18, the company posted a net profit of Rs 1,342 crore, highest in last tend years, against Rs 669 crore in the previous year.

Chand said: “The year 2017-18 has been a very rewarding year for NALCO on all fronts. We are looking beyond earning just profits. We have improved on all parameters – record production, highest sales and turnover. While focusing on the present, we are ensuring we don’t lose sight of what the future holds.”