Handique rules out divestment in NALCO, HCL
19 Aug 2009
The government is not considering further disinvestment in the near-monopolies National Aluminium Co Ltd and Hindustan Copper Ltd, minister for mining B K Handique told reporters on Wednesday.
"I don't think so. I don't see any reason, particularly in NALCO," Handique said in response to a question on the sidelines of a CII summit in New Delhi. Industry observers were anticipating further divestment in the two state-run companies.
On HCL, Handique admitted that it needed a major overhaul in functioning, and said his ministry would revamp its operations. "Hindustan Copper, we are going to revamp it. It is not doing very well," he said.
The government has already divested about 13 per cent of its stake in aluminum producer NALCO, and a minuscule 0.41 per cent in Hindustan Copper. Both, the companies are listed on the bourses.
On Monday, finance secretary Ashok Chawla had given a boost to disinvestment hopes by saying that the government is mulling disinvestment in six or seven public sector undertakings in the next 10 to 12 months. (See: Early divestment in 'six or seven' PSUs: top official )