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This is an archive article published on June 20, 2014

FinMin initiates valuation process for Balco stake sale

The move comes less than a week after the finance ministry re-started the stalled divestment in Hindustan Zinc Ltd.

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The finance ministry has taken forward the process of residual stake sale in Bharat Aluminum Company Ltd (Balco), calling for bids from merchant bankers for valuation of the deal.

The move comes less than a week after the finance ministry re-started the stalled divestment in Hindustan Zinc Ltd. Stake sales in the two firms, which the government plans to exit, was stalled due to the elections. “The plan has been approved by the new finance minister Arun Jaitley. We hope to complete the stake sales by the end of the fiscal,” said a senior government official.

The previous government had in February this year cleared the residual stake sale in Balco. Accordingly, the department of disinvestment has sought applications from merchant bankers for valuation of the deal. “The Government of India has decided to undertake fresh valuation and assessment of fair share value of Balco,” it said, seeking bids by July 11.

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The selected valuer, which should not be working for Vedanta or Sesa Sterlite, has also been barred from bidding in the disinvestment of HZL and Balco. The Centre currently holds 49 per cent equity in Balco after divesting its majority stake of 51 per cent to Sterlite Industries in 2001.

The company is not listed on the stock exchanges and has a paid-up capital of Rs 220.62 crore as on March 31, 2013.

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