Mumbai, May 30: The Union government expects to start public offering for aluminium major Nalco by November this year and hopes to find strategic partners for National Fertilisers Ltd (NFL), Hindustan Organic Chemicals Ltd (HOCL) and some other PSUs in four months. "The Government expects to begin both domestic and overseas public offerings for Nalco by November even though a final date for the same will be fixed depending on advisors recommendations", Union Disinvestment Minister Arun Shourie told reporters on the sidelines of Maruti's roadshow for initial public offering here today.

"We also hope to finalise strategic partners for NFL and HOCL, State Trading Corporation, Shipping Corporation of India, Engineers India Ltd, and Balmer Lawrie in three to four months time."

Shourie said Nalco's public offering would be through American Depository Receipt (ADR) and domestic public offerings, via a book-building route as was being done in Maruti Udyog Ltd.

However, he said he couldn't say whether the ADR issue would precede the public offer or it would happen vice-versa, adding as of now no merchant bankers were finalised for the issue.

Bureau Report