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Tuesday, Nov 12, 2002

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`Delay in HPCL, BPCL sell-off to hold up EIL too'

Our Bureau

MUMBAI, Nov. 11

THE delay in the disinvestment of HPCL and BPCL is likely to hold up the sale of Engineers India Ltd (EIL), which derives a majority of its business from the two PSU oil majors, according to Mr Pradip Baijal, Secretary, Ministry of Disinvestment..

Speaking to reporters on the sidelines of the Fourth Asian Roundtable on Corporate Governance, Mr Baijal said EIL might lose value if it were privatised before the strategic sale in the oil companies, as it got over 50 per cent of business through negotiated price from the public sector companies.Mr Baijal added that the issue would be taken up with the Ministry.

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