CCD meet on Feb 27 to take up Jessop sale

new delhi: cabinet committee on disinvestment is expected to meet on wednesday to clear the sale of jessop and co and finalise transaction documents for diluting stake in ipcl. "ccd is slated to meet on february 27 to finalise the sale of majority stake in jessop," official sources said. three bidders, titagrah industries, srei international and coatex industries, are reported to have submitted financial bids for the company which closed last week. the government has offered 72 per cent stake in the company to strategic partner along with management control. it has mandated a f ferguson to act as global advisors for loss making wagon manufacturer. in the case of indian petrochemicals corporation government will offload 26 per cent stake to a strategic investor along with the management control. three players have evinced interest in the company including petrochemicals major reliance, state-owned indianoil corporation along with detergents major nirma. all the bidders have completed the due diligence exercise and are currently negotiating the terms of share holders and share purchase agreements. government had earlier scrapped a proposal to hive off vadodra unit of company to ioc after failing to arrive at a suitable transfer price. the company currently runs three units namely nagathone, gandahar and vadodra. pti