Hindustan Organic up for sale
The Union government has invited tenders from prospective strategic partners for a 32.61 per cent equity stake out of its total 58.61 per cent in Hindustan Organic Chemicals Ltd. It will also give up management control to the successful bidder. Proposals from companies or consortiums of companies or joint ventures with turnover in excess of Rs 250 crore have to be submitted along with latest audited results and a background of business operations, by September 30, 2001, to A.F.Ferguson & Co., the global advisors to the process.
HOCL is one of the leading manufacturers of organic chemicals and petrochemicals. The company's products include phenol, acetone, aniline, nitroaromatics, chlorobenzene, acetanilide, formaldehyde and various by-products. It has two ISO 9002 certified production units in Cochin, Kerala, and Rasayani, near Mumbai. The turnover of HOCL for the year ended March 31, 2001, was Rs 348.8 crore.
Sick sugar mills in UP to go
The UP government is going ahead with the sale of 18 sick sugar mills of the Sugar Cooperatives. The sale of tender document for the initial 10 units will commence from September 4, 2001. The assets of these initial units are valued at Rs 160 crore as per an evaluation by an independent agency. The cooperative will run 11 mills that are in a better condition.
Curtains for Bharat Gold Mines
The Centre has not found any bidders interested in becoming a joint venture partner for reviving Bharat Gold Mines Ltd. BGML, a company in the red almost since its inception in 1972, was referred to BIFR in 1992 when all its net worth was wiped out. The government recently decided to wind up the company.