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New Delhi, May 1: Vedanta Resource Plc, the London Stock Exchange listed holding company of the Sterlite group, has withdrawn its bid to purchase majority stake in a 1,20,000 tonne aluminium plant owned by the state of Montenegro clearing way for Russian aluminium company Rusal to pick up the deal.
With this, the sole presence of an Indian company in Montenegro has come to an end. "Vedanta has withdrawn from the race to purchase 65.4% of government equity in country’s largest aluminium plant Kombinat Aluminijuma Podgorica (Kap). The company’s decision was communicated after it qualified in the initial round of the bidding process along with three other companies," deputy prime minister of Republic of Montenegro Branimir Gvozdenovic told PTI.
He said that the project may now go to a Russian company Rusal, with which negotiations were on for finalisation of the deal, one of the first major privatisation move in Montenegro since October 2002.
—PTI
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