State-run aluminium maker National Aluminium Company (Nalco) is planning to buy back 25 percent of its shares from the government. The company has agreed to buy back its shares and the board will meet in next 15 days to decide about the pricing.
The government is looking to raise around Rs 3,250 crore by selling 25 percent of its shares to Nalco. The government was hoping to sell 10 percent stake in Nalco to raise about Rs 1,300 crore but volatile markets have derailed its plans.
Nalco has the largest integrated alumina-aluminium complex of Asia. Its integrated operations cover the entire aluminium production value chain from mining bauxite, refining alumina, smelting aluminium, captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and to become one of the most cost-efficient aluminium companies across the globe.
