The Department of Divestment (DoD) has invited proposals from merchant bankers or chartered accountant firms with experience in handling valuation of companies.
"The government will select and appoint one valuer with requisite experience in valuation of companies," the DoD said, adding, the applicants can apply proposals are to be submitted by July 11.
The paid up capital of Bharat Aluminium Company Ltd (Balco) as on March 2013 is Rs 220.62 crore.
Balco is an unlisted subsidiary of Vedanta and its valuation has been a bone of contention between the mining firm and the government.
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In February, the Cabinet in the UPA government had cleared the Balco stake sale.
The company was incorporated in 1965 as a public sector enterprise of the Government of India and major operations of Balco are in Korba (Chhattisgarh)
Besides, the DoD has also started the process of valuation of Hindustan Zinc (HZL) for selling its 29.5 per cent stake in the company.