Government to invite EoI soon for Nalco sale
Companies with networth of $250m or more eligible to bid
Privatisation of aluminium maker Nalco will finally begin with the Ministry of Disinvestment deciding to invite expressions of interest in a day or two. All companies or consortia with networth of $250m or more would be eligible to bid for 29.15 per cent stake in the steel PSU.
The companies/consortia submitting EoIs would also have to ensure that they are not debarred under the guidelines for disqualification notified by the Ministry of Disinvestment.
Sources said that the government is keen to finalise the strategic sale before the current financial year comes to a close. It has almost finalised the modalities for the privatisation and was looking at a very stiff timetable to complete all three stages of the sell-off — domestic public issue, ADR issue and strategic sale. The three-stage sale is expected to fetch the government between Rs 4,000 crore and Rs 4,500 crore.
The government has already appointed ABN Amro Rothschild Enam Securities as global co-ordinator-cum-advisor for all three stages of the divestment process and JP Morgan-ICICI Securities as joint global co-ordinator-cum-book runner for the public offers.
