CGD meet on Nov 14 to discuss ICVL, HCL, Nepa

NEW DELHI: The Core Group of Secretaries on Disinvestment is likely to meet on November 14 to scrutinise transaction documents for Instrumentation Ltd, and also take a view on the Hindustan Cables Ltd, which has failed to enthuse bidders.
According to Disinvestment Ministry sources, the CGD meeting would take stock of shareholders and share purchase documents for ICVL and also clear the financial bid for Nepa.
In Nepa, the government holding is at present at about 97 per cent and 51 per cent would be divested to a strategic partner.
In the case of Hindustan Cables Ltd, CGD would decide on the future course of action, sources said adding HCL had a Rs 700 crore liability and had failed to enthuse bidders.
"We are likely to recommend that in the existing circumstances the company cannot be disinvested," sources said adding that some of the good firms which had evinced interest in the HCL earlier had opted out.
Another item on the agenda involves a restructuring plan for Hindustan Organic Chemicals Ltd (HOCL), where the government plans to offload 32.6 per cent stake, sources pointed out.