The State Bank of India (SBI), the sick Incab Industries? operating agency, has called a meet of the three bidders and other stakeholders, including creditors of the company in Kolkata on July 24 to gauge and decide on the respective revival packages offered by bidders.
On July 2, the Board for Industrial & Financial Reconstruction (BIFR) had instructed the operating agency to study the three bidders? revival packages and to evaluate and submit the draft revival scheme (DRS) with the Board within the next three weeks.
Tata Steel and two Mumbai-based companies R R Kabel and Pegasus Asset Reconstruction are in the fray for the once well-known cable maker, whose last promoter had been the Malaysia-based Leader Universal Berhad.
Speaking to FE, Incab Industries Employees? Association (IIEA) president Rakeshwar Pandey said his union would convey to the operating agency that Incab Industries had already suffered in the hands of its last two promoters and that since a promoter could not be changed often, it should weigh all pros and cons before putting down its recommendations to the BIFR.
The cable producer was referred to BIFR in April 1999 on its Malaysia-based promoter Leader Universal refusing to invest any more to revive the company.
The company had around 1,400 personnel on its rolls here at the time of halting production in April 2000 even while its second small manufacturing unit at Pune, employing around 400 personnel, is operational while another 100-odd men work at its head office in Kolkata.