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India invites bids for BALCO sell-off

India on Monday invited offers from companies and joint ventures interested in buying government stake in state-run Bharat Aluminium Company Limited, or BALCO.

The government in an advertisement said that firms interested in taking stake in the firm should submit their 'expression of interest' along with their annual reports by June 30, 2000.

The government plans to sell 51 per cent of its stake in the firm to a long-term strategic investor, to whom management control will be transferred.

Jardine Fleming India Securities Limited is the global advisor to the government for the proposed sale, the advertisement said.

The government, as part of its ambitious divestment programme, has listed 28 state firms for sale to strategic investors that would include transfer of a large chunk of equity and management control to the buyer.

BALCO is one of the country's leading aluminium makers. It has two units, including an integrated aluminium complex at Korba in the central state of Madhya Pradesh with a 200,000 tonne per annum alumina plant and a 100,000 tonne per annum smelter and some downstream facilities.

BALCO also has a downstream fabrication facility in West Bengal.

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