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'No ADR sans strategic sale in Nalco'

The divestment ministry said on Tuesday that there could be no overseas or domestic public offering in aluminium major Nalco till the process for strategic sale of equity was recommenced.

"In case strategic sale of equity is postponed then divestment through other two routes -- ADR and domestic issues -- is also delayed," divestment secretary Pradeep Baijal said.

The Cabinet Committee on Divestment had given the mandate for sale of equity by all the three routes in quick succession, he said, adding, "This should be completed within one-two weeks of each other."

Taking a dig at the Orissa government, Baijal said that state government had no role in the divestment of equity in Central PSU the same way "as we have nothing to do with their decisions to sell their PSUs."

He further added that In case there is no plant visit by the bidders for due diligence there can be no ADR and domestic issue.

The plant visit by bidders was stopped after a hostile reception was accorded to a team of officials from Aditya Birla Group's Hindalco late last month.

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