We remain bullish about FY24 and our focus areas for the next year include enhancing the quality of our rolled product to ensure improved marketability by installing state-of-the-art machinery, expanding our VAP capacity and improving supply chain efficiency.
To create sustainable value for our stakeholders, we have organised various programmes and events, including our quality control initiatives, training on safety rules and regulations, town hall interactions, training and engagement sessions such as BALCO Premier League, volleyball, Suraksha Kutumb, BALCO Talks, Stepathon, fun and fitness workshops and cycling for a noble cause.
The last couple of years have been challenging and uncertain. While we remain optimistic about better prospects, I hope you and your loved ones are healthy and safe. As we enter a new fiscal year, it gives me immense pleasure to look back on the year gone by. Despite multiple headwinds—socioeconomic, geopolitical, as well as the lingering effects of the pandemic—we have successfully steered our company towards sustained growth.
It is with great pleasure and a sense of contentment that I present to you the first Integrated Annual Report for Bharat Aluminium Company Limited (BALCO), a company that is firmly anchored in its commitment to sustainable value creation. As we navigate the ebbs and flows of the dynamic aluminium industry, it is crucial that we define our way forward, all the while integrating sustainability into all that we do.
At BALCO, we remain dedicated to redefining our roadmap by adopting best-of-breed technologies, responsible practices and ethical decision-making in all operational aspects. As we recognise that our actions have far-reaching consequences, we strive hard to make a positive difference in the world.
FY23 was a year marked by both opportunities and challenges alike. In Dec ‘22, with special approval, BALCO became a unique entity in the country, to register itself as two entities that enabled simultaneous import and export of power through a modified grid connectivity agreement with CTU.
We have weathered global macroeconomic headwinds by employing strategic measures to limit their impact and maintain uninterrupted operations. A major step in this direction has been the establishment of our captive coal mine, which has been crucial in securing an increased and reliable coal supply for our clients. By reducing our reliance on external sources, we have gained greater control over the supply chain, effectively minimising the risks associated with fluctuating coal prices and coal availability.
We have implemented several need-based measures to enhance productivity and reduce costs, such as optimising supply chain operations, streamlining business processes, negotiating better prices with suppliers and better managing our inventory.
We are expanding our capacity from 0.58 MTPA to 1 MTPA. We are also adding an integrated alumina handling system, a calcined petroleum coke handling system and a flap gate handling system to reduce our carbon footprint, enhance the quality of our products and raise our VAP capacity by 103%. These developments will not only boost our production capacity, but will also demonstrate our commitment to improving consistently and meeting evolving client needs.
To exceed client expectations, we are also capitalising on emerging opportunities and adapting rapidly to evolving trends. As a responsible organisation, we ensure ESG compliance with the current framework through our robust ESG organisation (Management in Place, MIP). Our 12 Community of Practices (COPs) collaborate to create new ideas, while we conduct meetings through Transformation Office (TOs) on a fortnightly basis to monitor progress and drive implementation.
Our major sustainability initiatives include becoming the first aluminium smelter in the country to be certified for CII Greenco Assessment, procuring 572,154 Renewable Energy Certificates (RECs), using biodiesel in our technological vehicles and ladle cleaning process, hiring transgenders in the manufacturing sector and incorporating carbon pricing in capex projects. With the objective of becoming net zero by 2050, our reaffirmed purpose of ‘Transforming for Good’ aspires to transform communities, the planet and the workforce.
To create sustainable value for our stakeholders, we have organised various programmes and events, including our quality control initiatives, training on safety rules and regulations, town hall interactions, training and engagement sessions such as BALCO Premier League (BPL), volleyball, Suraksha Kutumb, BALCO Talks, Stepathon, fun and fitness workshops and cycling for a noble cause.
Our CSR efforts have impacted the lives of about 1.27 lakh people in 123 villages, covering 4 blocks in 4 districts of Chhattisgarh and we continue to strive towards greater economic and social well-being through our diverse CSR projects.
We remain bullish about FY24 and our focus areas for the next year include enhancing the quality of our rolled product to ensure improved marketability by installing state-ofthe-art machinery, expanding our VAP capacity and improving supply chain efficiency.
While we embark on this journey of sustainable value creation, we invite all our stakeholders to join us in shaping a world where economic progress is inextricably linked to environmental preservation and social well-being.
Together, we can make a difference by embracing innovation, collaboration and responsible practices. In the years ahead, we will continue to challenge ourselves, set ambitious goals and push the boundaries of what is possible in the realm of sustainability
Our CSR efforts have impacted the lives of about 1.27 lakh people in 123 villages, covering 4 blocks in 4 districts of Chhattisgarh and we continue to strive towards greater economic and social well-being through our diverse CSR projects.
I am confident that with your unwavering support, we will create a better and greener future. On behalf of everyone at BALCO, I would like to take this opportunity to thank you all for your consistent trust and cooperation.
Best regards,
Chairman & Independent Director
