Disinvestment of HNL, TWOL to be complete by year-end

NEW DELHI: The government is hopeful of completing the disinvestment process in Hindustan Newsprint, Hooghly Printing and Tide Water Oil by the year end, official sources said.
Heavy Industries Ministry officials said the due diligence process was in an advanced stage in all the three companies and the disinvestment process was expected to be completed by December-January.
Close to six companies have envinced interest in picking up majority stake in Hindustan Newsprint, a subsidiary of Hindustan Paper Corporation. SBI Caps has been appointed as the advisor for the disinvestment process.
In the case of Hooghly Printing Company, a subsidiary of Andrew Yule Company catering to printing and stationery requirement of the companies under Andrew Yule group, the proposal is for outright sale.
Sources said the government was hopeful of finding a good buyer for the company since it is a profit making initiative. Production of the company in 2001-02 has been anticipated at Rs 6.90 crore.
In the case of Tide Water Oil Company, an associate company of Andrew Yule, the proposal is to sell off majority stake with management control to a joint venture partner.
AYCL has 72.29 per cent stake in the associate company with the remaining equity being held by financial insitutions. As per the latest audited results, the company, during 2001-02, achieved net sales of Rs 18,663.17 lakhs, a profit before tax of Rs 1,096.26 lakh and a net profit of Rs 1,002.02 lakh.