The Ministry of Mines has given in-principle approval to the Department of Investment and Public Asset Management (DIPAM) for divestment of its stake in BALCO (Bharat Aluminium Company).
The roadmap comprising the divestment details and processes for offloading the residual stake, and strategies will be prepared by DIPAM, Government of India (GoI). The Centre currently owns 49 per cent, while Anil Agarwal’s Vedanta holds 51 percent stake.
With an annual production capacity 6,00,000 tonne, BALCO produces nearly 20 percent of the country’s aluminium requirement.
In FY22, BALCO achieved a 40 percent growth in revenue from operations, and nearly 48 percent of BALCO’s sales were to the Indian markets, primarily driven by the electrical and transportation industries.