The divestment is slated to begin in November 2012 with the Finance Ministry expected to sell a 12.15% in Nalco and a 9.59% stake in Hindustan Copper alongside disinvestments to mop up a cummulative INR300bn ($5.4bn).
Disinvestment Secretary Haleem Khan was quoted by Press Trust of India as saying, "We are trying to push Hindustan Copper and Nalco by the first week of November."
The disinvestment is expected to take away the government’s ownership of the two companies.
HCL is under the control of the Ministry of Mines, undertaking mining and manufacture of copper while Nalco’s aluminium business encompasses bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations.
The government had earlier began its disinvestment process with the sale of a 10% stake in steel maker Rashtriya Ispat Nigam Limited (RINL) but had to defer bids thrice citing higher value for the company.
