Cabinet to decide residual BALCO stake sale

 "The issue of selling the residual 49% stake in BALCO is pending before the Cabinet Committee on Economic Affairs (CCEA) and it would have to take a decision on it. We would approach the CCEA soon in this connection," a top Mines Ministry official said.

 Sterlite filed the petition following the government's refusal to accept the company's cheque of Rs 1,098 crore in lieu of residual stake.

However, the government has expressed its willingness to negotiate on the issue with the aluminum major.

Appearing on behalf of the government, additional solicitor general Gopal Subrasmanian submitted that the government was ready to "negotiate, conciliate and mediate as per the agreement" on the issue and a the government has conveyed its willingness in a letter on August 2.

Senior advocate and former additional solicitor general Mukul Rohatgi, appearing for Sterlite said the company wanted to "purchase the share at the price fixed under the contract."