Indian Divestment Minister Arun Shourie said on Friday that he expected to partly complete the asset sale in National Aluminium Co, the nation's second largest aluminium maker, by November.

He said the government hopes to complete a public equity offering.

"I was referring to the ADR and the domestic public issue," he said, when asked to clarify the privatisation plans.

The government owns 87.15 per cent of Nalco. It had earlier said it plans first to sell a 29.15 per cent stake and hand over management control to a strategic buyer. It then wants to sell 10 per cent to domestic investors, 20 per cent through an American Depositary Receipt issue and two per cent to employees.

Shourie also said the government hoped to complete the divestment process in National Fertilisers, Engineers India Ltd, Shipping Corporation of India, Hindustan Copper, Balmer Lawrie and Hindustan Organics within the next 3-4 months.

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What do you think about the story? Read what others have to say: Number of User Comments: 6 Sub: Nalco divestment NALCO, a property of peoples of India, built and shaped for last 22 years, makes a yearly gross profit of Rs 1000+ Crores( the profit ... Posted by lalit mohan pattnaik Sub: very good step very good step , this time govt. should not bend against any force and divest it , i am from orissa , i want the ... Posted by vishnu Sub: against disinvestment respected sir i have an request to mr Arun Shorie sir that if complete disinvestment takes place then the situation will be worst case same ... Posted by santosh Sub: NALCO Disinvestment It is a very good step that Mr. Shourie has taken. What needed to make it a success is a strong political will of all ... Posted by suppyboy Sub: Smart Initiative I think the government should make itself more responsible in developing the basic infrastructure like electricity,education, home, food to the mass rather than operating this ... Posted by Romit Barat