Financial Daily from THE HINDU group of publications
Friday, Dec 13, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 13, 2002 |
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Corporate
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Sick Units BIFR to hear Alind case on Dec 19 Mony K. Mathew
THIRUVANANTHAPURAM, Dec. 12 THE Board for Industrial and Financial Reconstruction (BIFR) will look at the various proposals that have come up for the takeover or sale of the eight divisions of the ailing Aluminium Industries Ltd (Alind) at a hearing slated for December 19. At its last meeting, BIFR had appointed the State Bank of Travancore (SBT) as the operating agency, replacing the Industrial Investment Bank of India (IIBI), to work out packages for the different divisions of Alind. SBT was directed to assess afresh the assets and liabilities of the divisions located in the three States of Kerala, Andhra Pradesh and Orissa and invite bids for hiving them off. The bank was also asked to put out two different advertisements, one of them inviting promoters for three of the company's operating divisions, namely, the relays unit near Thiruvananthapuram, switchgear unit at Mannar in Kerala and the machinery unit in Hyderabad. The second advertisement is meant for the outright sale of the remaining five divisions. According to sources, there have already been a few offers for the takeover of the machinery division in Hyderabad as also the relays division near Thiruvananthapuram. These two divisions are to be hived off as operating units. The proposals would be examined at the forthcoming BIFR meeting, the sources said. Earlier also, there had been offers for the take-over of these divisions which, however, did not materialise as the prices quoted did not measure up to the expectations. The decisions on the five divisions, which had been earmarked for sale as assets, would depend on the response to the advertisement to be released shortly, the sources said.
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