INTUC seeks probe into Nalco investment
BHUBANESWAR: The State branch of Indian National Trade Union Congress (INTUC) on Monday demanded a judicial probe into all overseas investments by National Aluminium Company (Nalco) as the profit of the company is decreasing due to wrong investment decision.
INTUC’s State president Ramachandra Khuntia said the public sector Navaratna company, which had made a profit of `2,300 crore at one time, earned a profit of `669 crore in 2016-17. The profit of the company in 2015-16 was `787 crore.
Khuntia said the slide in profit over the years was due to the wrong policy of the Central Government. He said the decision of the Centre to invest crores of rupees in coal mine lease project in Indonesia and to stop it later, investment of `2,052 crore in bauxite mines and refinery project in Gujarat, plan to sell Nalco’s alumina to Iran and take up various loss making projects like wind power and solar power had severely impacted the financial health of the company.
The trade union leader also alleged that the BJP-led Government at the Centre was conspiring against Nalco and people of Odisha.