首页|Nalco disinvestment: Global firms toe Hindalco line
Nalco disinvestment: Global firms toe Hindalco line
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NSTL
Global aluminium players are courting Hindalco Industries Ltd. now that India's biggest integrated aluminum producer has emerged as the favourite contender to buy out National Aluminium Company Ltd. (Nalco). In view of the local opposition to the planned sale, which led to a one-day strike by unions in September, an Indian company is seen as the most likely player to secure the 29.15 percent stake in Nalco that is up for grabs, sources say. The high price sought by the state for the stake, believed to be near 1.5 billion dollars, is viewed as too steep and would certainly require the financial backing of a global producer. Industry insiders said Switzerland's Glencore International is believed to be in advanced talks with Hindalco over the possibility of a joint venture deal, while it has already been reported that U.S. giant Alcoa Inc. has held talks with Hindalco in the hope of coming to an arrangement. Senior executives at Russian Aluminium, or RusAl, also admitted they have entered a bid for the assets, but do not believe a much sought after deal with Hindalco will be possible because of the keen presence of other industry players in the bidding war. RusAl said it needs to secure additional alumina in order to undertake the smelting expansions it has planned.
NSTL
