India Govt. likely to sell Balco stake in the next financial year
The government of India is likely drawing up to sell its remaining stake in Bharat Aluminium Company Ltd (Balco) in the next financial year, as per reported by a media house.
The Chhattisgarh-Korba-based Balco has been privatized now for more than two decades. It has also been stated the Union ministry has already corresponded with the Department of Investment and Public Asset Management (DIPAM) regarding the stake sale roadmap.
The latest information floated by the media organisation on a digital platform says, “The mining ministry has now sought further advice from Dipam on the roadmap for the disinvestment of Balco, which has been in the works for some years. Upon finalizing this, the process of appointing transaction advisers and legal advisers may begin for the share sale plan of Balco next year.”
As part of its privatisation in 2001, the government sold a 51 per cent stake in Balco to Sterlite Industries Ltd, a unit of Vedanta Ltd, but retained the remainder.
Marubeni reports Japan's aluminium stocks declined by 2.6% in February
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