Bids for 2 Bharat Bhari Udyog arms may be invited in a month

NEW DELHI: The government is likely to invite bids for offloading majority stake in two subsidiaries of Bharat Bhari Udyog Nigam - Burn Standard Company and Braithwait & Co - within a month.
The government may offload 74 per cent stake in both the subsidiaries to a strategic partner, Disinvestment Ministry sources told PTI.
The two subsidiaries had recently been referred to the Disinvestment Ministry by the Ministry of Heavy Industries and Public Enterprises.
Sources said that various details relating to disinvestment of the two companies were being worked out and added that bids for the two were likely to be invited within a months.
Burn Sandard Company Ltd has large engineering units in Howrah and Burnpur in West Bengal and in Tamil Nadu and Madhya Pradesh.
The major products being manufactured by BSCL include wagons, structurals, points and crossings, bogies, ash handling plant, coal handling plant, amongst others.
The company became sick and is under reference to BIFR. A revival plan sanctioned by BIFR is under implementation and, according to the revival plan, the government has released an amount of Rs 150 crore as fresh infusion of funds and carried out financial restructuring of Rs 465 crore.
Sources said that UTI Securities would act as advisors for the disinvestment in both the cases.
Braithwaite & Co has three manufaturing units, which are engaged in the manufacture of railway wagons and general and special purpose cranes including container handling cranes, rail mounted diesel Loco breakdown cranes, jute carding machines and roll feeders for the jute industtry.
The production of the company during 2001-02 is estimated at about Rs 100.76 crore.