The government on Thursday invited expression of interest (EoI) to divest three unlisted construction sector PSUs — Bridge & Roof, National Projects Construction and Engineering Projects India as part of its strategic disinvestment programme.
Interested parties would have to submit EoI by November 8 and the qualified bidders would be asked to put in financial bids thereafter.
Of the three, National Projects Construction Corporation (NPCC) and Engineering Projects India (EPI) are reserved for similarly placed central PSUs for acquisition. State-owned NBCC could be a potential bidder for these units, which are debt-free companies.
Bridge & Roof had a turnover of Rs 1,717 crore and a net worth of Rs 313 crore in FY16. Its net profit was Rs 2.6 crore. NPCC reported profit of Rs 11 crore in FY16 and its order book position was `4,600 crore. EPI’s profit before tax was Rs 38 crore in FY16.
On Tuesday, the Centre had kick-started the ambitious strategic disinvestment programme by inviting EoI from similarly placed other Central PSUs for its entire stake in the profitable Hospital Services Consultancy (HSCC).
YES Bank is the transaction adviser for the divestment of all four units.
The Centre has drawn up a rather ambitious plan for strategic sales in 16 odd PSUs. Besides these units, other PSUs including profitable BEML, Pawan Hans and Hindustan Prefabs would be up for grabs over the next few months.
India’s last outright sale of a PSU was carried out in 2003-04.