No stake sale in Nalco; govt to revamp Hindustan Copper

NEW DELHI: The government is not considering further disinvestment in aluminium major Nalco and Hindustan Copper even as operations of the copper producer are set to be revamped. (Watch)

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 told reporters on the sidelines of a CII summit here.

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 added.

The government has already divested about 13 per cent of its stake in aluminum producer Nalco and 0.41 per cent in the copper firm Hindustan Copper. Both, the companies are listed on the bourses.

Finance Secretary Ashok Chawla yesterday had said the government would offload equity in six to seven state-owned companies in the next 10-12 months.

Among the companies identified for stake sale, NHPC completed its initial public offering (IPO) earlier this month while Oil IndiaLimited (OIL) is slated to hit the market in September. The government is working on divestment proposals of leading PSUs like Coal India, MMTC, among others.