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Indian state-run companies likely to pick up stake in Alrosa
MMTC has show interest for the same
By: Diamond World News Service
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Sep 14 2011 1:06PM
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Reference: 6322  

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Following Alrosa’s intent to divest 20 percent of its equity in 2011, which is likely to be a deal worth around $2 billion or more, India is seemingly showing interest in letting its state-run companies buying a stake in the Russia mining major.

The Indian government has approved the same, but will grant permission only upon closely scrutinizing of the companies. This move is expected to encourage the India gem and jewellery industry to receive a regular supply of rough diamonds.

In this vein, state-owned MMTC has show interest.

Alorsa had become an open stock company in second quarter and its shares were admitted for trading on the Russian Trading System (RTS) Board through a free float. The company announced in August, its plans for a share split to raise liquidity, and although the management stated in June that an IPO was not to be see in the near future., they saw no immediate need for an initial public offering (IPO), analysts at Aton Equity Research noted that there is still a strong will to carry it through, reports say. Analysts at VTB Capital added that ALROSA is now on the Russian government's privatization list, and the government’s 50.9 percent stake is most likely to be reduced. Other shareholders include the Yakutia regional government (32 percent), regional municipalities (8 percent) and the remainder held by legal entities and employees, reports say.

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