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NEW DELHI The government is looking to sell a part of its residual 49 per cent stake in Balco through a public offer and is engaging with the firm’s promoter Vedanta to withdraw arbitration and facilitate stock exchanges listing of the company, DIPAM Secretary Tuhin Kanta Pandey said. The Ministry of Mines and the Department of Investment and Public Asset Management (DIPAM) have held ‘preliminary talks’ with Vedanta Ltd — the promoters of erstwhile public sector company BALCO, he said. BALCO has to withdraw a 2009 arbitration case it filed against the government over valuation dispute of the residual stake. “We have talked (with BALCO promoters) at preliminary level. We will engage with them in detail. If we have to do public listing, they (Vedanta) will have to withdraw the case. If they agree then we can move forward,” Pandey told PTI. The government wants to sell part of its 49 per cent stake in BALCO in the initial public offering (IPO) before ....
Government plans to sell a part of its 49 per cent stake in Bharat Aluminium Company Limited (BALCO), for which it is learnt to have asked its main promoter Vedanta, to take back an ongoing arbitration case.Sources aware of the development said . ....
The Anti-Sterlite People’s Movement and other watchers have frequently essayed how the Modi government has gone out of its way to accommodate foreign funding to political parties since 2016, paving the way for opaque contributions. ....