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been done on the bids while the financial bids would be opened at a later date.
The decision to divest the state government’s entire stake was taken as running the loss-making 33 sugar mills was costing the Uttar Pradesh government a whopping loss of Rs 2,900 crore.
The government had, on July 4, annulled the bidding process that it had initiated on May 23, and called for fresh bids with modified terms and conditions. This it had done in the face of lukewarm response from the industry. The revised bidding process ended today and all senior officials were busy collecting and evaluating the bids till the time of going to the press and were not available to comment on how many bids were received.
In the revised bidding, the government had stated that the applicant may be a company or a consortium of companies and that while computing the eligibility criteria of the applicant/consortium members, the net worth, turnover and cash profits of their respective associates/ group companies would also be eligible. The minimum net worth of the applicants was required to be a minimum of Rs 600 crore, while the minimum turnover was to be Rs 500 crore....
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