The Indian government is actively considering the sale of ten percent of its stake in state-run National Aluminium Co. Ltd., or Nalco, to raise funds for social sector schemes, reports said, quoting state finance minister S.S. Palanimanickam.
The draft proposal for divestment in Nalco, one of the top aluminum producers in the country, was sent to various ministries for their comments, and a response is pending from the ministry overseeing the mining industry, the minister informed lawmakers in the Rajya Sabha (Upper House of Parliament).
Presently, the Indian government holds 87.15 percent stake in Nalco.
India is aiming to raise Rs.3,000 crore from the sale of the government's shares in some state-run companies during the next fiscal year commencing April 1. During the last fiscal, it could garner only around Rs.14,000 crore, compared to the target of Rs 40,000 crore, mainly due to volatile stock market conditions.
For comments and feedback: editorial@rttnews.com