The Hindu Business Line : Panel formed on Balco issue

New Delhi, Oct 25 The Government has decided to set up a Committee of Secretaries (CoS) to decide its stand in the ongoing legal battle with Sterlite Industries, which has sought to buy a 49 per cent in Balco.

Sterlite currently hold 51 per cent stake in Balco and has expressed a desire to buy the remaining 49 per cent in the company.

“The Cabinet Committee on Economic Affairs (CCEA) has considered the call option notice given by Sterlite Industries India Ltd, to acquire 10,81,06,005 equity shares, held by Government of India, in Balco,” the Information and Broadcasting Minister, Mr Priyaranjan Dasmunsi, said after the meeting.

He added that the CCEA decided to constitute a CoS comprising Secretaries of Department of Legal Affairs, Department of Disinvestment and Mines Ministry for finalising the Government’s position from time to time in legal issues as and when they arise.

More Stories on : Mergers & Acquisitions | Aluminium | Disinvestment

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