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Friday, May 31, 2002

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Industry & Economy - Disinvestment

Hindustan Newsprint sell-off by Feb 2003

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KOCHI, May 30

ALL procedures relating to the disinvestment in Hindustan Newsprint Ltd (HNL) will be completed by February 2003.

Nine bidders have submitted expressions of interest to the notification and the Government is analysing these cases, according to Mr B.N. Jha, Secretary, Ministry of Heavy Industries and Public Enterprises.

Speaking after the inauguration of HNL's farm forestry programme, Mr Jha said the disinvestment process would help in mobilising more funds for the unit and ensure better management.

He the Government had to divest even from profit making public enterprises like HNL, a subsidiary of Hindustan Paper Corporation (HPL), since there were few takers for loss making ventures.

Talking on the occasion, Mr Raji Philip, Chairman of HNL and CMD of HPC, said the de-inking plant of HNL should go on stream by December 2002.

Much more raw material would be required in the years to come and he hoped that the NGOs would be in a position to provide it to the company.

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