FIPB clears Alcan offer for Indal

MUMBAI, May 12: The core group of the Foreign Investment Promotion Board FIPB has given its green signal to the proposal of Alcan Aluminium to make open offer for the shares of Indian Aluminium.

The FIPB had referred Alcan8217;s application to the core group as this was the first case of its kind where a foreign firm was seeking approval to hike its stake in an Indian company through an open offer in the secondary market. With this Alcan8217;s proposal of making an open offer to hike its stake in Indal from 34 per cent to 54 per cent is expected to be formally cleared this Saturday. Alcan8217;s open offer had been put under a question mark following delay in FIPB approval.