Bhubaneswar: The Union government has not taken any decision for the disinvestment of the National Aluminium Company (Nalco), Union Minister of Mines and Coal Pralhad Joshi told the Rajya Sabha, Monday. Pralhad Joshi was replying to a query of BJD member Prasanna Acharya. He said the Bharat Aluminium Company Limited (BALCO) and Hindustan Zinc Limited (HZL) are the two Central Public Sector Enterprises (CPSEs) under the Ministry of Mines which have already been privatised through disinvestment. However, no decision has been taken by the government for disinvestment of Nalco, Joshi informed.
Nalco has been a profit-making company since inception. It has been the second highest net foreign exchange earning CPSE in 2020-21, Joshi said.
As the government of India is the major shareholder of Nalco since its inception, there has been dividend contribution to national exchequer. However, as the Odisha state government is not having any shareholding, there has been no dividend contribution to the state exchequer, Joshi pointed out.
Informing about the dividend paid by company for the last five years to the government, 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 3,277.32 crore in 2016-17, Rs 3,573.75 crore in 2017-18, Rs 4,647.38 crore in 2018-19, Rs 3,442.97 crore in 2019-20 and Rs 5,060.72 crore in the last financial year.
Established in 1981, Nalco is a Navaratna company under the Ministry of Mines and has been the top most CPSEs, 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 Nalco by way of privatisation. There is widespread resentment among people of Odisha and workers of the company towards the move.