Eleven bidders for 29.15 per cent stake in Nalco
Hindalco, Sterlite also in fray
The kingpins of the aluminum and mining industry such as Alcoa Inc of the US, CVRD of Brazil, Russian Aluminum, Alcan Inc of Canada, Aluminum Bahrain etc are among the bidders for a 29.15 per cent stake in National Aluminum Company (Nalco). Eleven companies, including nine foreign companies have expressed their interest as the deadline for submitting EoIs passed. AV Birla group`s Hindalco and Sterlite Industries are also in fray.
A new bidder cannot join the race if EoIs are not submitted by the company. They may tie-up with one of the bidders who have already joined the race. They also have to seek the permission of the government.
An inter-ministerial group will now be checking the eligibility of these companies. The government has decided to offload 29.15 per cent to strategic partner, 10 per cent in the domestic market and 20 per cent to overseas investors through an ADR issue. Accounting and auditing firm PricewaterhouseCoopers has already been assigned the task of casting the accounts of the company in compliance with US GAAP.
