Govt may sell Andrew Yule's stakes in cos
As part of the revival package drawn for Andrew Yule & Company Ltd, the government plans to sell the company's holdings in group firms to raise Rs 80 crore.
By PTI |
KOLKATA: As part of the revival package drawn for Andrew Yule & Company Ltd, the government plans to sell the company's holdings in group firms to raise Rs 80 crore.
The company holds 28 per cent in Tide Water Oil, 11.7 per cent in Dishergarh Power Supply Corporation Ltd and 26 per cent in Phoenix Yule, sources in the Union Ministry of Heavy Industries, the administrative body for Andrew Yule, told the media.
As per the due diligence carried out by Oil & Natural Gas Corporation (ONGC) for Tide Water, the valuation of 28 per cent stake had been arrived at around Rs 60 crore.
For Dishergarh Power, although the valuation was not done, the price of 11.7 per cent stake would be in the region of Rs six to seven crore. In the case of Phoenix Yule which is not a listed company, the two parties would have to arrive at a mutually agreeable price.
Sources said the three would likely fetch the amount needed for revival of Andrew Yule.
Meanwhile, the government would again carry out a due diligence of Andrew Yule since it would not sell the stake to ONGC.
The company holds 28 per cent in Tide Water Oil, 11.7 per cent in Dishergarh Power Supply Corporation Ltd and 26 per cent in Phoenix Yule, sources in the Union Ministry of Heavy Industries, the administrative body for Andrew Yule, told the media.
As per the due diligence carried out by Oil & Natural Gas Corporation (ONGC) for Tide Water, the valuation of 28 per cent stake had been arrived at around Rs 60 crore.
For Dishergarh Power, although the valuation was not done, the price of 11.7 per cent stake would be in the region of Rs six to seven crore. In the case of Phoenix Yule which is not a listed company, the two parties would have to arrive at a mutually agreeable price.
Sources said the three would likely fetch the amount needed for revival of Andrew Yule.
Meanwhile, the government would again carry out a due diligence of Andrew Yule since it would not sell the stake to ONGC.
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