NALCO to raise Rs 9 bn overseas
NALCO to raise Rs 9 bn overseas PSU aluminium giant NALCO (Q, N,C,F)* is losing around Rs 1.2 billion every month due to the appreciation witnessed by the Indian rupee. NALCO chairman C R Pradhan said that the company, which is in the process of tapping external borrowings to raise Euro 150 million (Rs 9 billion) has short listed the State Bank of India and Axis Bank. Due to rise in exchange value of rupee, NALCO has been earning reduced foreign exchange fro m exports since April, 2007 and losing around Rs 1.2 billion every month. >The company is making efforts to strike a balance between supply in the domestic and external market in order to neutralize the damage caused by a robust rupee. NALCO achieved a record sales turnover of Rs 65.15 billion and highest ever net profit of Rs 23.81 billion last fiscal. Besides brownfield expansion, NALCO is examining some proposals for setting up joint ventures overseas for smelter. This is in attempt to add value to surplus alumina to the tune of 12 lakh tons to be available once the second phase expansion is completed.
Shares of the company declined Rs 1.4, or 0.5%, to trade at Rs 280.00. The to tal volume of shares traded was 44,768 at the BSE (Friday).
