Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Industry & Economy
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Disinvestment NBCC employees submit EoI for 74 pc stake Our Bureau
New Delhi , Jan. 22 THE employees of National Buildings Construction Corporation (NBCC) have submitted an expression of interest (EoI) to bid for acquiring a 74 per cent controlling stake in the premier public sector construction company, which has been put up for strategic sale by the Government. NBCC employees have set up a forum for the submission of EoI in consortium with Citicorp International Finance Corporation, a subsidiary of Citigroup. Citicorp will act as the strategic financial investor/partner for NBCC employees. "This could be one of the few cases of management buy-out of a public sector company by its employees, if we are successful in the bidding process," a company official said. The Government is selling 74 per cent of its stake in the company to a strategic partner. Apart from NBCC employees, reputed construction and project management companies have submitted EoIs for acquiring management control of the company. "The employee participation in management would add significant value to the post-bid performance of the company as the employee control and sharing of the company's performance would be a strong motivator," the official said. Escorts Securities Ltd (ESL) is advising NBCC employees for acquisition of the Government stake.
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