According to company officials, the decision to extend the date again has been taken following responses from more parties for takeover of the state-run unit. The company would also accept expression of interest (EoI) from companies till December 1, 1999, according to a release.

Six domestic companies - Kirloskar Electric Co, Easun Reyrolle Ltd, Jyoti Ltd, Klen & Marshalls Manufacturers & Exporters Ltd, Promac India Ltd and Vandothra Group of Companies, promoted by NRIs in Dubai - have expressed interest in taking over NGEF in entirety or as one or more divisions. NGEF has divisions including transformer, switchgear, rotating machinery, power electronics and mechanical engineering.

Recently, the Austria-based VA Tech Elin had also initiated talks with the company to acquire the whole company and many others are expected to submit their final bids soon. VA Tech hasworldwide presence through its thermal and power generation, metallurgical engineering and steel making businesses.

NGEF had recently also conducted a pre-bid conference to clarify issues and reiterate the commitment of the state government for the sale. Based on feedback from interested parties and after due diligence reports and plant visit, NGEF has decided to invite the bids in such a manner as to provide bidders the flexibility in acquiring divisions and parts thereof.

During the pre-bid meet held in the city, the NGEF management presented strategies to protect the interests of the workforce and restriction on asset stripping. Officials from SBI Capital Markets were also present, according to sources.