India’s TOP 500 Companies 2021

INDIA’S TOP 500 COMPANIES 2021 149 Experts’ View Over the last year, we have seen the development of a new normal due to the unprecedented spread of Covid-19. Hard hit by this pandemic, most industries shut down operations. However, BALCO continued to sustain production for the country with minimum resources while implementing and following all safety precautions. Aided by leading-edge technology, BALCO adapted very quickly to the situation and has become more agile and resilient. Focusing on establishing a dynamic product portfolio which can respond to customer needs quickly and efficiently, BALCO aligns itself to meet the growing needs of emerging new-age applications across both domestic and global markets. We cater to our customers’ requirements through focused R&D and carefully developed new value-added products with the highest quality and sustainability standards. Addressing ESG risks has emerged as one of the key priorities for businesses in recent years. What steps has the company taken to enhance its ESG ratings? InBALCO,wehavea robust and sustainable approach to resource optimization and energy consumption and have created a long-term developmental impact on local communities. We stand true to our ethos of Zero Harm, Zero Waste & Zero Discharge that underpins all that we do. BALCO is committed to sustainable development and across all our areas of operations using new age technology, and judicious utilization of resources. BALCO has been one of the early adopters in India to explore the field of smart technologies for heightened operational efficiencies. We are conscious of our responsibility towards building a stronger and sustainable tomorrow and, therefore, are actively exploring innovations that help reduce carbon footprint as early as possible in the creation process. The company has integrated smart technologies and design modifications in its potlines progressively to reduce its specific power consumption by using graphitized pot with thermal modelling and other digital interventions. The company relentlessly drives innovation and continuous improvement in its smelting technology.BALCO’s specific energy consumption has been one of the lowest in the aluminium industries across the country. BALCO has been the recipient of various awards and accolades for its environmental conservation efforts. For the year 2020, BALCO has won the ‘CII Energy Efficiency Award’, ‘Golden Peacock Sustainability Award’ and ‘CII HSE Excellence Award, Chhattisgarh’. BALCO has also achieved the ‘International Green Apple Award’ ‘CII Energy Excellence Award’, ‘Sustainable Business of the year Award’, ‘National Award for Excellence in Energy Management’ and ‘Energy & Environment Global Environment Award’ in recent years. BALCO is benefitting more than 1.5 lakh of community members through its several CSR initiatives. BALCO has designed and implemented awareness campaign across villages and supported the district administration in fighting COVID-19 by providing them with medicines and PPE kits. The company is helping district administration in vaccination drive in the district for the people in Korba and has also established a 100 bedded COVID Field hospital at Naya Raipur. BALCO is also providing livelihood opportunities for the community members through Vedanta Skill School and Project Unnati initiatives in the region. What is the company’s outlook over the next 3-5 years? BALCO currently ranks second in the country based on its current production capacity. With the increase in the capacity through our future expansion, BALCO will join the ‘One Million Tonnes Club’. The proposed expansion capacity will take BALCO to 14th position in the world. The above expansion will contribute about 600 Cr to state exchequer, Direct & Indirect employment to about 2,000 people. This will also empower the communities in and around at Korba City and contribute towards their social & economic upliftment. We expected to touch livelihoods of around 30,000 people through our future projects. We have a deep interest to set-up an Aluminium Park to cater to this additional Capacity. BALCO is also looking forward to working towards challenges of raw material availability (Bauxite & Coal Shortage), High incidence of taxes, duties and cess, high Carbon Tax, Increasing Import of Aluminium and Scrap, declining domestic market share and unorganized domestic recycling industry due to lack of standards faced by the aluminium sector & the reforms required for strengthening the Indian industry. Dun & Bradstreet