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Balco deal complete; can't be reopened, says divestment ministry

Divestment Ministry on Monday dismissed the offer of Chhattisgarh government to buy 51 per cent stake in Bharat Aluminium Company (Balco) saying that the deal with Sterlite was complete with the centre transferring majority stake to it.

"The Balco deal is complete. Government transferred 51 per cent of its stake to Sterlite on March 2 and the issue can't be reopened now," top officials of the Divestment Ministry said when contacted about the state government's proposal.

Chhattisgarh Counsel and Congress Rajya Sabha Member Kapil Sibal told the Supreme Court, "We are ready to pay Rs 5.52 billion to buy the shares of the central government which was sold to Sterlite Industries Ltd,"

Divestment Minister Arun Shourie had said in the Lok Sabha on February 27 that if the state government brought an offer of Rs 45 billion for Balco holding he would go to the cabinet to have the shares transferred to them after paying Rs 5.51 billion to Sterlite for withdrawing from the agreement.

The officials said that the offer from the state government was not relevant now as the deal was completed on March 2.

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