Bharat Aluminium Company Ltd. (BALCO) was an Indian government owned aluminium producer under Ministry of Mines, Government of India.
BALCO was incorporated in 1965 as the first Public Sector Undertaking (PSU) in the Indian aluminium industry. The establishment of the Bharat Aluminium Company Limited (BALCO) in India was done with Soviet assistance. The agreement formally starting the Korba Aluminium Project (the former name of BALCO) was signed by Pandit Nehru, the then Prime Minister of India, with the USSR (Soviet Union). The Korba plant was set up as an integrated aluminium complex with the aim of reducing India's dependence on imported aluminium. This collaboration was part of the broader friendly relations and technical/industrial cooperation between India and the Soviet Union during that period, which also included projects like the Bhilai and Bokaro Steel Plants.
In 2000, the Ministry of Mines, Government of India sold it to Vedanta Resources when Atal Bihari Vajpayee-Bharatiya Janta Party-National Democratic Alliance-led-government was in power. BALCO was incorporated in the year 1965 as a central public sector unit (CPSU) and it was the central government-establishment until 2001, when it was taken over by Vedanta Resources, a company listed on the London Stock Exchange. The government company has been closely associated with the Indian Aluminium Industry, in a pivotal role. Mr. Rajesh Kumar is the current CEO & Whole Time Director of the company.[2]