As per the terms of reference, the valuator will revaluate the fixed assets of the company by segregating them into core assets defined as those required to run day-to-day operations.

The non-core assets which are defined as surplus assets will be evaluated separately. Surprisingly, the evaluators have clarified that they will not be in a position to undertake evaluation of mines and quarries of Balco.

The valuators have indicated that they are licensed to undertake only the valuation of immovable property including land and buildings along with plant and machinery.

Evaluators have also indicated that they might require more time to inspect the properties of the company at Chennai and Mumbai and are learnt to have argued for an extension of time beyond the mandated 10 days' period.

The evaluation exercise is being undertaken prior to the government calling for financial bids from the various bidders to divest up 51 per cent equity in the aluminium major through a strategic sale. Merchant bankers Jardine Fleming have been appointed as global advisors for the disinvestment process.

It has shortlisted three bidders including North American aluminium giant Alcoa, domestic players Hindalco and Sterlite. Alcoa and Hindalco have already announced that they are joining hands to bid for Balco. The 10-day long exercise for evaluating the assets is set to come to a close during the course of this week. Balco has several mines under its fold located in the tribal belt of Chattisgarh.