The govt plans to raise Rs 140 bln through residual stake sales in private firms during 2013-14 (Apr-Mar)

NEW DELHI : The Cabinet Committee on Economic Affairs approved selling of the government’s residual stake in Bharat Aluminium Co Ltd, a senior government official said. Television reports had said earlier that the government is looking to offload stake through the auction route, which has been approved by the Cabinet.

Currently, the government holds 49% stake in BALCO, while the remaining is held by Vedanta group company Sesa Sterlite. Earlier this month, Vedanta Resources chairman Anil Agarwal had told reporters that he was keen to participate in the sale of residual stake in Bharat Aluminium Co Ltd if offers are lucrative.

Last week, an inter-ministerial panel on disinvestment had discussed issuing a request for proposal for valuation of the government’s residual stake in BALCO.

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