Ola against nalco divestment

Mines Minister Sis Ram Ola today opposed disinvestment in Nalco, stating that the company was doing well and that there was no need to add more strength to the company, which turned in its highest net profit of Rs 1,222.43 crore during 2004-05.

The finance ministry had written a letter last month favouring disinvestment of 20 per cent government stake in Nalco. "Every ministry is entitled to have it own views on a particular matter. The finance ministry supports disinvestment, but we do not agree," Ola said.