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Hindalco, Alcoa to jointly bid for Balco

The world's largest aluminium maker Alcoa Inc and India's largest aluminium producer Hindalco Industries are teaming up to bid for a 51 per cent stake in state-run Bharat Aluminium Company (Balco), the Business Standard newspaper said on Monday.

The two companies previously had separately expressed interest in bidding for control of Balco, the paper said in an unsourced report.

The number of bidders has now been reduced to two from three, with diversified Indian group Sterlite Industries the other bidder, the newspaper also said.

Hindalco's joint president R K Kasliwal declined to comment directly on the report, but confirmed that the company is interested in placing a bid.

"The process is going on, Kasliwal said. "We have submitted an expression of interest," he added without elaborating.

The Department of Divestment is expected to call for bids in the first week of February, and the government hopes to complete the sale in the next two months, the newspaper said.

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