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Balco management says it cannot transfer shares

The new management of the controversy-ridden Bharat Aluminium Company Ltd (Balco) on Wednesday said it could not transfer any percentage of its holding stake in the company to any other party for three years because of a clause in the agreement.

The agreement signed between Sterlite Industries and central government made it clear that the company, which was acquiring the management control of Balco, cannot transfer any percentage of its holding stake to anyone within a period of three years of signing the agreement, new managing director of the Company S C Krishnan said.

Krishnan said that the company could not do anything on its own even if the offer come from anyone including the Chhattisgarh government.

Asked to comment on the Ajit Jogi government's offer to acquire 51 per cent share in the company, the MD said it was for the Centre to decide what it should do in the matter.

Expressing concern over the continuing production loss in the 100,000-tonne capacity aluminium complex, he said the management was trying its best to win the confidence of the striking workers.

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