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Friday, Feb 08, 2002

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Price bids for Paradeep Phos today

Our Bureau


THE Union Government will invite price bids for selling 74 per cent of its stake in Paradeep Phosphates Ltd (PPL) on Friday.

The price bids submitted by the bidders would be vetted by the Core Group of Secretaries on Disinvestment and referred to the Cabinet Committee on Disinvestment (CCD) next week for a final approval, Government sources said.

PPL would thus become the first company in the fertiliser sector to be privatised by the Union Government as per the disinvestment programme.

According to sources, the Chambal-Zuari Group, Oswal Chemicals & Fertilisers Ltd, Tata Chemicals Ltd and Rashtriya Chemicals and Fertilisers Ltd are in the fray to buy Government's stake in PPL.

Meanwhile, the Government is expected to call financial bids on February 15 for selling 72 per cent of its stake in Jessop & Co.

This will be the first PSU in the heavy engineering sector to be privatised by the Union Government.

The Union Government had recently approved financial restructuring packages for PPL and Jessop & Co, both loss-making entities.

However, the Government had added the rider that the restructuring plans would be implemented only upon successful privatisation of these entities.

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