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Govt says response to Nalco stake sale 'good'

India said on Thursday initial expressions of interest for buying a stake in the country's second-largest aluminium maker, National Aluminium Co, had been good and nearly a dozen bidders had submitted proposals.

"The response has been good. There are foreign companies also," divestment secretary Pradip Baijal told Reuters. He gave no further details.

The government, which owns 87.15 per cent of Nalco, is initially selling a 29.15 per cent holding in the company along with management control.

The official said the companies, which had submitted expressions of interest included the world's second-biggest aluminium producer Russia's RusAl, Alcoa Inc of the United States, Switzerland's Glencore International AG and French metals group Pechiney.

There is "no time frame," Baijal said when asked when he expected to complete the stake sale. In the second round, the government plans to cut its holding to 26 per cent through stake sales of 10 per cent to domestic investors, 20 per cent through American Depositary Receipts and two per cent to the employees.

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