New Delhi, Dec 8: The Central government is now reportedly looking to divest its stake in two companies—National Aluminium Company (Nalco) and Hindustan Copper Ltd (HCL).

The disinvestment department will soon seek formal approval from the Union Cabinet, before moving ahead with the strategic sale of the two mining companies, The Economic Times newspaper said in a report.

While the stake sales may take place next year, all clearances including cabinet approval will be completed within this fiscal year, an official said to the newspaper.

The Niti Aayog has recommended privatisation of the two along with other non-strategic public sector entities. The Centre may retain some stake in these firms.

The government holds 66.14% of Hindustan Copper and 51.28% of National Aluminium.

Multiple investors including Vedanta Group are said to be interested in picking up stakes in Hindustan Copper.