NALCO agrees to buy back 25 percent stake from government: Mines Secretary

State-run National Aluminium Co Ltd (NALCO) has agreed to buy back 25 percent of its shares from the government, Mines Secretary Balvinder Kumar told Reuters after a meeting with the company on Monday to discuss pricing.

Reuters| Last Updated: May 02, 2016, 18:13 PM IST

New Delhi: State-run National Aluminium Co Ltd (NALCO) has agreed to buy back 25 percent of its shares from the government, Mines Secretary Balvinder Kumar told Reuters after a meeting with the company on Monday to discuss pricing.

The buyback, initiated by the finance ministry, is part of the government`s efforts to raise much-needed funds, including by selling shares in state companies.

NALCO officials could not immediately be reached for comment.