Bids for IPCL selloff in first week of March

new delhi: the government is likely to invite financial bids for disinvesting its stake in indian petrochemicals corporation in the first week of march. "we expect to invite the financial bids for ipcl in the first week of march, and the deal is expected to be closed by end of march," official sources said here. the due-diligence exercise by the bidders had been completed, sources said adding the pre-bid conference would be held sometime next week. government which currently holds about 60 per cent stake in ipcl has decided to offload 51 per cent equity in the petrochemical''s major in two phases. while the government would transfer management control to successful bidder for 26 per cent stake in ipcl in the current fiscal, the new partner would have first right of refusal over the remaining 25 per cent equity that could be sold to public. hsbc securities has been appointed by the government to act as global advisors for the disinvestment. government has shortlisted bidders including oil majors indian oil corporation and reliance for selling stake in ipcl, which is amongst the 13 public sector undertakings slated for privatisation in the current fiscal. the second phase of ipcl disinvestment would commence over the next one to five years.