Govt to bid for HCL by month-end

NEW DELHI: Close on the heels of firming up transaction documents for privatisation of Hindustan Copper, Government will await finalisation of audited accounts for the PSU prior to calling of financial bids by month end.
The move comes as the auditors are slated to finalise the books for fiscal 2002-03 by this week, sources associated with deal said.
HCL board is slated to meet on July 22 to approve the audited figures after which the same will be sent to Disinvestment Ministry.
Audited accounts for the company are required as suitors would be expected to place their bids for the company based on final accounts.
Meanwhile, Centre is despatching a team of high level officials to negotiate terms for transfer of over 1000 acres of surplus land back to state government.
Special Secretary Mines would head for Ranchi on Wednesday to form up arrangements for the deal which may bolster the chances of loss making company finding suitors.
The meeting would focus on settling issues pertaining to valuation of structures on the land which would then be set of against the outstandings owed to state electricity board by the company.
Cabinet Committee on Disinvestment had last week cleared transaction documents for HCL paving the way for calling of financial bids.
Centre has put on the block its entire equity of 98 per cent for offer to strategic partner along with management control.
It has mandated A F Ferguson to act as global advisors. An earlier attempt at privatising the company had to be aborted after bidders showed lack of interest citing the huge losses of the company as one reason.
It posted a loss of Rs 140 crore this year owing to subdued copper prices and cut in import duty.
The company had closed the Rakha mine in 2001 offering a voluntary retirement package to 700 employees as part of restructuring operations.
It is also in the process of disposing of its Hospital facilities at Ghatshila and has invited bids for the same.
The hospital would be converted into a medical college where the structure and 40 acres of land would be offered to the bidder.