The government is not considering further disinvestment in aluminium major Nalco and Hindustan Copper even as operations of the copper producer are set to be revamped.

The industry observers were anticipating further divestment in the two public sector companies.

“I do not see any reason for further disinvestment, particularly in Nalco,” the Mines Minister B K Handique told reporters on the sidelines of a CII summit here.

Mr. Handique said the ministry would revamp the operations of Hindustan Copper. “Hindustan Copper, we are going to revamp it. It is not doing very well,” he added.

The government has already divested about 13 per cent of its stake in aluminium producer Nalco and 0.41 per cent in the copper firm Hindustan Copper. Both, the companies are listed on the bourses.

The Finance Secretary Ashok Chawla on Tuesday had said the government would offload equity in six to seven state-owned companies in the next 10-12 months.

Among the companies identified for stake sale, the NHPC completed its initial public offering (IPO) earlier this month while Oil India Limited (OIL) is slated to hit the market in September. The government is working on divestment proposals of leading PSUs like Coal India, MMTC, among others.

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