Three bidders withdraw from Balmer Lawrie disinvestment

KOLKATA: Three out of the 16 bidders, who had shown initial interest in the disinvestment process of Balmer Lawrie & Company, have withdrawn from the sell-off process.
The three companies which have withdrawn from the disinvestment process of the diversified PSU operating in the oil services sector are Aban Lloyd, IVRC and CDC of UK, sources in the company said.
Other 13 companies which are now in the fray for the PSU''s disinvestment are ABG Heavy Industries, Adani Group, BMW Industries, Orissa Cements, Patton Limited, Gujarat Glass, Srei International Finance, Uttam Galvanising, Techno Craft, Sound Craft, Fedders Lloyd, Zim Lines and Maharashtra Seamless.
The disinvestment process of Balmer Lawrie, which had evoked strong reaction from its employees and officers, was going on smoothly, sources said, adding the data room of the company would be thrown open to the bidders tentatively from November 5.
The data room would be kept open for a period of one month, the sources said.