THIRUVANANTHAPURAM: The Central government has invited global expressions of interest (EoI) to sell 100% stake in the Thiruvananthapuram-based PSU HLL Lifecare Ltd, the makers of Moods condoms and pregnancy preventing intrauterine device Emily.
The secretary of Department of Investment and Public Asset Management (DIPAM) on Tuesday, December 14, 2021, tweeted the government’s decision as part of the Centre’s strategic disinvestment programme. The last date for receiving EoIs is January 31, 2022.
The HLL Lifecare, a Miniratna PSU, manufactures and markets a range of contraceptives, women’s healthcare products, hospital supplies as well as other pharmaceutical products. As per the ‘in-principle’ approval given by DIPAM, the stake sale would entail the transfer of management control and sale of 100% equity share capital in the firm, including ownership interests in identified subsidiaries and associates held by the government.
The disinvestment will be implemented through open competitive bidding, the notification said. Pricewaterhouse Coopers is the transaction advisors. The notification said the government envisages the strategic disinvestment of HLL as a whole rather than separately in parts and interested bidders can bid individually or in consortium.
Earlier, when the NITI Aayog had recommended a 100% sale of government equity in the company through a two-stage auction, the state government had expressed its willingness to take over the company.
Incorporated in 1966, HLL celebrated its golden jubilee in 2016. Over the years, the HLL has evolved as an integral part of Indian healthcare industry.