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Shourie asks CAG to conduct audit in Balco transaction

Divestment Minister Arun Shourie has asked the Comptroller and Auditor General (CAG) to conduct an audit in the divestment of 51 per cent government equity in Bharat Aluminium Company (Balco) to Sterlite Industries.

In a letter to V K Shunglu, Comptroller and Auditor General of India, Shourie asked him to assign officials to see the records of the above transaction and conduct the audit.

"The officers of the Department of Divestment (DoD) and the Ministry of Mines will be available to the assigned team to complete the audit and prepare the report at an early date", he said.

The government sold 51 per cent equity to Sterlite Industries for Rs 5.51 billion and agreements for the sale were signed on March 2.

Following the deal, Balco employees went on an indefinite strike.

Meanwhile, Chattisgarh Chief Minister Ajit Jogi has said that the centre should retain majority stake in the PSU and demanded cancellation of the deal with Sterlite Industries.

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