Parliamentary Panel Chides Nalco For Less Than 50% Of Targeted Capex Till January FY25

A parliamentary panel has criticised state-owned Nalco for spending less than 50% of the targeted capex of Rs 2,000 crore in the first 10 months of 2024-25.

"Against the targeted capex of Rs 2,000 crore by Nalco for the year 2024-25, the end of January 2025, the capex stood at Rs 879 crore, i.e. less than 50% of the targeted amount.

"The committee would like to be apprised of the slow pace of capex in the first 10 months of the year...," the Standing Committee on Coal, Mines and Steel has said in a report submitted to Parliament.

It further said the company is neither availing nor proposes to avail any budgetary support from the Centre. The planned outlay is being managed entirely through internal resources only.

The company has achieved its targeted expenditure in 2020-21, 2022-23, and 2023-24.

"In FY22 there was only marginal shortfall and achievement was 99.2% of its targeted capex. In FY20, the company achieved 93.2% of targeted capex," it said.

National Aluminium Co., a 'Navratna' company was founded in January, 1981 with its registered office in Bhubaneswar. The Centre owns 51.28% of Nalco's equity capital.