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Sterlite, Hindalco in race for 29.1% stake in Nalco

Over half a dozen international and national companies including Sterlite and Hindalco are believed to have evinced interest to buy government's 29.15 per cent stake along with management control in National Aluminium Company.

Informed sources said Sterlite Industries and Aditya Birla Group flagship company Hindalco Industries are among the frontrunners for Nalco, for which the last date of submission of Expressions of Interest or the initial bids was Monday.

A Birla group company spokesperson said: "We have put in a single bid through its flagship company." However, he declined to comment whether it was going in for a second bid in partnership with a foreign aluminium company.

Sterlite sources said it had also put in its bid. It may be recalled that Sterlite successfully acquired Bharat Aluminium Company Ltd last year through the divestment process.

Meanwhile, Department of Divestment officials dubbed the response as encouraging" but declined to divulge specific details.

The divestment process in Nalco has already triggered protests in Orissa with the National democratic Alliance allies, Biju Janata Dal and Samata Party, extending their support to the state-wide strike called by various trade unions on Thursday.

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