Nalco's sobering fee

The US investment bank was recently selected as a second joint global advisor for the Indian government's proposed divestment of a 59% stake in National Aluminium Company (Nalco), the world's lowest cost producer of alumina, the raw material of aluminium. On listing, the company will become the third Indian public sector unit (PSU) to be listed on the New York Stock Exchange following MTNL and VSNL, which have both converted their GDR floats into ADR programmes.