Chennai, Jan 29: EID Parry Ltd has put up a proposal to merge loss-making Godavari Fertilisers Ltd (GFL) in Andhra Pradesh (AP) with its subsidiary Coromandel Fertilisers Ltd (CFL). Company vice-chairman A Vellayan, speaking informally with journalists in Chennai, said the company had suggested merger of GFL with its profit-making subsidiary CFL and currently the valuation is going on.Mr Vellayan said it would be in the interest of the AP government to consider the EID Parry proposal as the state-owned GFL was making a loss of Rs 7 crore while the Parry group has churned out a profit of Rs 45 crore in fertilisers.
According to him, a final decision is to be made by the AP government on the merger issue within one month. It may be recalled that Standing Conference of Public Enterprises (SCOPE) had expressed the view that total sell out of public sector undertakings (PSUs) to the private sector is not the answer to making them viable.
Rather SCOPE had suggested a new enterprise model providing operational freedom and autonomy. It suggested that government-held shares in PSUs should be extended to a specially instituted National Shareholding Trust (NST) which will hold in trust government-owned shares.
Parry bikes for Gujarat quake victims
EID Parry Ltd has made plans to provide some relief to the quake-hit people of Gujarat. According to company vice-chairman A Vellayan a big quantity of cycles is to be sent by the company to Gujarat. "The transport system there has collapsed and we are sending cycles so that people can at least commute from one place to another," he said. EID Parry Ltd also deals in tea and Mr Vellayan said some quantity of tea will also be despatched to Gujarat immediately.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
