Nalco investment under CVC scanner

Nov 22 2012, 10:28 IST
Comments 0
The strange investment by public sector Nalco in a Rs 12,000 crore alumina project in Gujarat has come under a Central Vigilance Commission (CVC) probe.  The strange investment by public sector Nalco in a Rs 12,000 crore alumina project in Gujarat has come under a Central Vigilance Commission (CVC) probe.
SummaryNalco made a mammoth strange investment of Rs 12,000 cr in Gujarat.

price which accounts for the company’s high valuation. Nalco’s director (project and technicals) NR Mohanty told The Indian

Express he was unaware of any such probe, but said the project would go ahead only after the Detailed Project Report gets ready. “After that we would take a call,” he said.

Nalco’s project in Kutch district is expected to build up a capacity of 1 million tonne per annum of alumina as well as a 0.5 million tonne per annum aluminum smelter.

CVC sources said an inquiry by Nalco’s Chief Vigilance Officer is now underway after two separate complaints reached the CVC over the company management failing to cover its financial risk while signing the MoU with GMDC.

While one complainant’s name is being kept secret under Public Interest Disclosure and Protection of Whistleblower scheme of the Commission, the other complaint was lodged by Nalco Employees Union in Damanjodi and President of Nalco Officers’ Association in Angul.

Single Page Format
Ads by Google

More from Business

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...