Nalco divestment likely by Nov: Shourie

May 30, 2003 16:02 IST

Indian Divestment Minister Arun Shourie said on Friday that he expected to partly complete the asset sale in National Aluminium Co, the nation's second largest aluminium maker, by November.

He said the government hopes to complete a public equity offering.

"I was referring to the ADR and the domestic public issue," he said, when asked to clarify the privatisation plans.

The government owns 87.15 per cent of Nalco. It had earlier said it plans first to sell a 29.15

per cent stake and hand over management control to a strategic buyer. It then wants to sell 10 per cent to domestic investors, 20 per cent through an American Depositary Receipt issue and two per cent to employees.

Shourie also said the government hoped to complete the divestment process in National Fertilisers, Engineers India Ltd, Shipping Corporation of India, Hindustan Copper, Balmer Lawrie and Hindustan Organics within the next 3-4 months.

Source: REUTERS
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