Besides adopting Indal's financial results, a critical issue expected to be discussed at the meeting is how to keep Sterlite Industries, which has made an open offer for 20 per cent stake in Indal, at bay.

The Canadian giant will harp on its commitment towards Indal and how its continued association with the Canadian major will be in its best interests in the long run. The meetings are aimed at clearing the perception created by Sterlite that the offer made by Alcan is not in accordance with guidelines governing foreign investment in India. Foreign companies areallowed automatic approval up to 74 per cent in the aluminium sector.

Alcan's proposed meetings with the officials will be its first since Sterlite announced its intention of picking up a stake in Indal. Sterlite's chairman-cum-managing director, Anil Agarwal, was reportedly in the capital last week presenting the company's case before the industry ministry. So far, Alcan has held its cards close to its chest and is expected to announce a revised open offer against Sterlite's offer price of Rs 115 per share within the next fortnight. Alcan had earlier made an offer of Rs 105 for every Indal share.

Alcan's meetings have become crucial because of the 36.06 per cent stake of financial institutions - Unit Trust of India, Life Insurance Corporation and General Insurance Corporation - together hold in Indal. With Sterlite deleting the minimum 10 per cent conditional clause in its revised offer, yet to be cleared by the SEBI, the copper-manufacturer is now allowed to enter into negotiated deals with blockshareholders provided the deals are not struck at a rate higher than the open-offer price of Rs 115 per share.