Bhubaneswar: Nalco CMD Dr.Tapan Kumar Chand Saturday said that the company is planning to foray into agreas of merchant mining, caustic soda and green power to overcome the cyclic recession in the metal market.

Chand, while addressing the Annual General Body Meeting (AGM), held here, said that the company is putting in place a new Business Model (NBM) and a new Corporate Plan to keep the bottomline “immune  to market downturn” .

“This NBM will not only give a new dimension to the company’s growth plans but also redefine business sustainability,” Chand said at the company’s annual general meeting here.

He said the company is proposing to diversify into extraction of  rare metal like titanium, recovery of iron from red mud waste, besides merchant mining, caustic soda, Independent Power Production(IPP) and  green power.

With sluggishness in the metal market across the globe, fluctuating prices and increase in input costs of raw materials, the company registered a net profit of Rs 669 crore in fiscal 2016-17, compared with Rs 787 crore achieved during the previous year, the CMD said. The state-owned company posted a 4.4 per cent year-on-year decline in net profit to Rs 129 crore in the April-June quarter of current fiscal.

The Nalco CMD said that the company is in the process of adding fifth stream of 1 million tonne per annum  to  its existing alumina refinery with  capital cost of Rs 5,540 crore.