KalingaTimes Correspondent
Bhubaneswar, April 29: National Aluminium Company Limited (NALCO), the flagship PSU of the Ministry of Mines and India 's largest manufacturer and exporter of alumina and aluminium, has been granted the Navratna status.

Navratna status is conferred on select Central Public Sector Enterprises (CPSE),on becoming significant players in the economic development of the country.

On achieving the status, certain powers are delegated to those CPSEs that had comparative advantages and capacity to become global giants.

NALCO is presently carrying out its second phase expansion with an investment of more than Rs 5000 crore. The expansion work is scheduled to be completed by this year end.

At the same time, NALCO is also working on plans to set up smelter and power plants in Indonesia and South Africa.

The company had recently strengthened its Board by inducting five Independent Directors for a period of three years.

With this induction, the requirement of Listing Agreement with Stock Exchange to have eight Independent Directors in the Board had been complied with in full paving the way for formal conferment of Navratna status.