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Govt to wrap up Nalco stake sale in 3-4 mths

The government plans to wrap up a stake sale in National Aluminium Co Ltd, the country's second largest aluminium maker, in three to four months, a top government official said on Tuesday.

"We will finalise the sequence and timing of the stake sale within the next few days and complete the process in three to four months," the Divestment Ministry official, who did not want to be identified, told Reuters.

The government, which owns 87 per cent of Nalco, plans to sell a 30-per cent stake in the company through American Depositary Receipts, Global Depositary Receipts and the domestic market.

The official said the government also planned to complete a 51 per cent stake sale in Shipping Corporation of India in which it owns an 80 per cent stake by June.

The official said the divestment ministry would call for fresh bids from existing bidders for a 26 per cent controlling stake in state-run Hindustan Zinc by March and complete the sale within that month.

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