"On recommendations of the disinvestment commission the ministry is considering privatisation through dilution of government holding in National Aluminium Company Ltd (NALCO), Bharat Aluminium Company (BALCO), Hindustan Copper Ltd (HCL) and Hindustan Zinc Ltd (HZL)" Aruna Bagchi, joint secretary, mines ministry told newspersons here on the eve of international mining and machinery exhibition.

She said government has already appointed Jardine Fleming as global advisor for selling 40 per cent stake in Balco to a strategic partner and in Nalco, the process was in the advanced stage.

Currently, government holds 100 per cent stake in Balco while in Nalco it holds 87 per cent. In the case of HCL and HZL, the ministry would shortly work out the procedure for privatisation, she said.

Bagchi said the draft of Tandon committee on mining laws wouldbe ready in one-two months. The committee was set-up for strengthening centre-state relationship for mining along with curbing illegal mining and making the mining procedures more simpler.

On foreign investment in the mining sector, Bagchi said only Rs 12 crore have actually come into the sector compared to Foreign Investment Promotion Board (FIPB) approvals of over Rs 3,000 crore.