Nirma, Grasim among bidders for PACL divestment

CHANDIGARH: Fourteen companies, including Jai Parkash Associates, Nirma, Grasim Industries on Monday submitted bids for buying stake in the Punjab government-owned Punjab Alkalies & Chemicals Ltd (PACL).

"We have received 14 bids from the companies for the disinvestment of PACL," Punjab Directorate of Dsinvestment director VK Singh told reporters in Chandigarh on Monday.

Other companies which submitted their bids were Surya Pharmaceuticals, KUDOs Resources, Amtek Auto, Nectar Lifesciences, Goyal MG Gases, DCM Shriram Credit & Investment, KLJ Resources, Panoli Intermediates (India), Lords Chloro Alkali, Jay Polychem (India) and Bhushan Power & Steel.

Earlier, last date for the submission of bids was August 2, which was later extended to August 16.

The Punjab Government last month had called Expression of Interest for the sale of 44.26 per cent stake of the state- owned Punjab State Industrial Development Corp (PSIDC) in PACL through competitive bids. IFCI is the sole advisor to facilitate this transaction.

The department is hoping to complete the stake sale by October this year.

"Within next 15 days, we will be evaluating the request for qualification of bidders to find out eligible bidders for the PACL disinvestment process. After that the financial bids will be sought," he said, while adding, "the whole process (finding successful bidder) will be complete by October," he said.

However, he said the ultimate authority for approving the stake sale of PACL lies with the Punjab Cabinet.