Alcoa Inc. and six other companies have submitted initial bids for a stake in India's National Aluminium Co., the Economic Times reported, without citing anyone.
Potential buyers of the 29 percent stake the Indian government is offering have to submit their bids by today. About 12 companies are expected to bid for the nation's largest aluminum maker, the paper said.
Pechiney SA, the world's fourth-largest aluminum producer, Brazil's Cia. Vale do Rio Doce, Canada's Alcan Inc., Australia's BHP Billiton Ltd., Aluminum Bahrain and India's Hindalco Industries Ltd. have also put in bids, the paper said.
OAO Russkiy Alyuminiy, Glencore International AG, Norway's Norsk Hydro ASA, Rio Tinto Plc and India's Sterlite Industries Ltd. are expected to submit bids today, the daily said.
The sale of the aluminum maker is a crucial element of India's asset sale program after the government deferred plans to sell stakes in two of the country's biggest oil refiners by three months because of opposition from ministers within the government. India is seeking to raise 120 billion rupees ($2.5 billion) from asset sales in the year to March 2003. Bloomberg
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