Govt holds talks with BALCO for withdrawing arbitration, initiating IPO ...Middle East

Business Standard - Economy
Govt holds talks with BALCO for withdrawing arbitration, initiating IPO
source : Business Standard ( Middle East ) () 56
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 detai

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