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Friday, Oct 18, 2002

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Gujarat Samachar, JK co bid for NEPA stake

Our Bureau

NEW DELHI, Oct. 17

THE privatisation of newsprint-maker NEPA Ltd brightened on Thursday, with the Gujarat Samachar Group and a JK Group company submitting price bids for acquiring a controlling stake of 72 per cent in the company.

The Government currently holds 98 per cent stake in the BIFR-listed company while the State Government and the public hold the remaining shares.

Post-privatisation, the Union Government's holding in NEPA Ltd will be reduced to 26 per cent.

The evaluation committee would consider the price bids submitted by the two bidders against the reserve price, Disinvestment Ministry sources said.

The report of the evaluation committee will then be submitted to the Core Group on Disinvestment (CGD) headed by the Cabinet Secretary and referred to the Cabinet Committee on Disinvestment (CCD) in early November for a final view.

The privatisation of NEPA Ltd will, however, be subject to approval from the Board for Industrial and Financial Reconstruction (BIFR) for which the Union Government would have to submit a revival package involving the induction of the private strategic partner holding 72 per cent stake and financial restructuring scheme.

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