11 cos line up for PACL selloff

Written by Press Trust of India | Chandigarh | Updated: Jul 30 2010, 05:28am hrs
Eleven companies, including Grasim Industries, Nectar Lifesciences and DCM Shriram, on Wednesday participated in the pre-bid conference for divesting the Punjab governments 44.26% stake in Punjab Alkalies & Chemicals (PACL).

There were eleven companies which took part in the meeting held here, Punjab Disinvestment director Anirudh Tiwari said.

Other companies, which were in the meeting, were Alchemist, Surya Pharmaceuticals, JPS Associates, Goyal MG Gases, Amtex Auto, Setia System, Humble Monark, Panole Intermediaries.

The Punjab government this month, had called an expression of interest (EoI) for the sale of 44.26% stake of Punjab State Industrial Development Corporation in PACL through competitive bids.

IFCI is the sole advisor to facilitate this transaction. The last date for the submission of request for qualification is August 2.

The reserve price for the stake sale will be fixed after evaluating the expression of interests, he said.

PACL is engaged in the manufacturing of caustic soda and hydrochloric acid. The plant is located at Naya Nangal at Ropar in Punjab. Besides PSIDC, other stakeholders in PACL are public, corporate bodies, mutual fund and banks which have percentage stake of 33.42%, 19.77%, 0.06% and 0.05%, respectively.

PACL reported net sales of Rs 153.66 crore as on March 31, 2010, against sales of Rs 202.48 crore in 2008-09. It reported a net loss of Rs 22.41 crore in 2009-10, against the net profit of Rs 7.11 crore in the corresponding period last year.