No more disinvestment in Nalco, Hindustan Copper

No more disinvestment in Nalco, Hindustan Copper
PTI
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First Published: Wed, Aug 19 2009. 03 25 PM IST
Updated: Wed, Aug 19 2009. 03 25 PM IST
New Delhi: The government is not considering further disinvestment in aluminium firms Nalco and Hindustan Copper even as operations of the copper producer are set to be revamped.
Industry observers were anticipating further divestment in the two public sector companies.
“I do not see any reason for further disinvestment, particularly in Nalco,” mines minister B.K. Handique.
Handique said the ministry would revamp the operations of Hindustan Copper. “Hindustan Copper, we are going to revamp it. It is not doing very well,” he said.
The government has already divested about 13% of its stake in aluminum producer Nalco and 0.41% in the copper firm Hindustan Copper. Both, the companies are listed on the bourses.
Finance secretary Ashok Chawla on Tuesday had said the government would offload equity in six to seven public sector enterprises in the next 10-12 months.
Among the companies identified for stake sale, NHPC completed its initial public offering earlier this month while Oil India Ltd is slated to hit the market in September. The government is working on divestment proposals of leading PSUs like Coal India, MMTC, among others.
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First Published: Wed, Aug 19 2009. 03 25 PM IST