Report by OD bureau; New Delhi: Union Cabinet approves Disinvestment of 12.15% equity in Odisha-based nabaratna PSU NALCO. Odisha Chief Minister Naveen Patnaik opposes this decission of the centre.
The Cabinet Committee on Economic Affairs has approved the disinvestment of 12.15 percent paid up equity of the National Aluminium Company Limited (NALCO) out of the Government of India’s holding of 87.15 percent, through an Offer for Sale of Shares through Stock Exchanges as per SEBI Rules and Regulations. After this disinvestment the Government of India’s shareholding in the company would come down to 75 percent.
The paid up equity capital of the company, as on 31st March, 2012 is Rs.1288.62 crore. The Government of India holds 87.15 percent of the paid up capital in NALCO. NALCO is a listed navratna Central Public Sector Enterprise.
The National Aluminium Company Limited (NALCO) is a public sector enterprise under the administrative control of the Ministry of Mines. It is engaged in bauxite mining, alumina refining, aluminium smelting and casting, power generation and rail and port operations.