Govt seeks bids from advisors for sale of Dredging Corp, HLL

New Delhi, Jan 4 (PTI) The government today invited bidsfrom transaction advisors for the sale process of three PSUs,including Dredging Corporation...

New Delhi, Jan 4 (PTI) The government today invited bidsfrom transaction advisors for the sale process of three PSUs,including Dredging Corporation of India.

The government plans to sell 100 per cent stake in HLLLifeCare Ltd and Indian Medicines Pharmaceutical CorporationLimited (IMPCL) through strategic sale via a two-stage auctionprocess.

Entities willing to act as transaction advisors for thesecompanies would have to submit their bids by January 29.

The government currently holds 73.47 per cent in DredgingCorporation, which is under the administrative control of theshipping ministry.

The total turnover of the company in financial year 2016-17 was Rs 599.69 crore. The networth of the company as onSeptember 30, 2017 was Rs 1,547.57 crore.

Shares of Dredging Corporation were trading at Rs 882.05,up 2.98 per cent on the BSE.

IMPCL, under the Ministry of AYUSH, is a joint venture ofthe Government of India (97.61 per cent) and the Uttarakhandstate government (2.39 per cent).

The total turnover of the company in financial year 2016-17 was Rs 66.45 crore. The networth of the company as onSeptember 30, 2017 was Rs 65.49 crore.

Listed firm HLL Lifecare is under the administrativecontrol of the Ministry of Health and Family Welfare. Totalturnover of the company in 2016-17 was Rs 1,064.71 crore.

The networth of the company as on September 30, 2017 was Rs487.93 crore.

The government has budgeted to raise Rs 72,500 crore thisfiscal through disinvestment. Of this, Rs 46,500 crore wasestimated to be mobilised through minority stake sale, Rs15,000 crore from strategic disinvestment and Rs 11,000 crorefrom listing of PSU insurers. PTI JDABM.

This is unedited, unformatted feed from the Press Trust of India wire.

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