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India Wants NALCO to Buy Back Shares From Government Worth $481 Million: Government Official

Published: 18th January 2016 02:13 PM  |   Last Updated: 18th January 2016 02:14 PM   |  A+A-

NEW DELHI: The finance ministry wants state-run NALCO <NALU.NS> to buy back 25 percent of its shares from the government worth 32.5 billion rupees ($481 million), a senior government official told Reuters, as the government's plans to raise about $10 billion from asset sales fall way short of targets.

"The market scenario for divestments is not good," Mines Secretary Balvinder Kumar said on Monday. "NALCO had already agreed to buy back 10 percent but their board will now decide whether to purchase more."

Last week the finance ministry wrote to the mines ministry, which controls the government's 89 percent holding in NALCO, seeking help to raise more much-needed funds. The government has managed to raise less then a fifth of the roughly $10 billion it had projected in divestments for 2015-2016.

A finance ministry spokesman could not immediately be reached for comment.

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