Financial Daily from THE HINDU group of publications
Thursday, Jul 25, 2002
Financial Daily from THE HINDU group of publications Thursday, Jul 25, 2002 |
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Industry & Economy
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Disinvestment Board may bid for EIL with ICICI Venture Our Bureau
NEW DELHI, July 24 THE board of directors of Engineers India Ltd (EIL) plans to bid for acquiring controlling stake in the company along with ICICI Venture Fund. According to official sources, the board is also planning to seek the Government's nod to participate in the bidding process. The Government had earlier decided to privatise EIL by offering 51 per cent of its stake to a strategic partner for which it had also floated expression of interest (EOI). Around 15 proposals were received. These included that of ICICI Venture Fund, Reliance Industries Ltd (RIL), Oil and Natural Gas Corporation (ONGC), Bharat Heavy Electricals Ltd, etc. The Officers Association of EIL also put in a bid but later withdrew. "Now that the EIL board has informally approached us, we will examine the case. The directors will require to seek the Government's nod for participating in the bidding process,'' a senior official in the Department of Disinvestment said. The Government is in the process of preparing the bid documents for soliciting financial bids for EIL. This seems to revive the possibility of employee/management takeover of a public sector undertaking. The earlier move did not take off owing to lack of financial strength, according to sources.
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