The Hindu Business Line : IVRCL in talks to acquire Hind Dorr-Oliver

IVRCL Infrastructure & Projects Ltd, close on the heels of a fresh public offer, is likely to snap up the Jumbo Group-managed Hindustan Dorr-Oliver Ltd in a deal estimated at around Rs 60 crore.

Informed sources said talks to clinch a deal were in advanced stage, and a transaction could be announced in a couple of weeks' time.

The Hyderabad-based IVRCL did not comment to a query made by Business Line, and so did a Jumbo Group spokesperson. Hindustan Dorr-Oliver, formerly Dorr-Oliver (India) Ltd, is a listed company with the promoter holding of about 80 per cent. The company's equity capital is pegged at Rs 4.23 crore, and it reported a turnover of nearly Rs 75 crore in 2003-04.

The company, which became part of the Dubai-based Jumbo Group in 1987, continues to have a technical collaboration with Dorr Oliver Emicio, Germany GmbH.

The likely sale of Hindustan Dorr-Oliver is no surprise as Jumbo Group, managed by the Manu Chhabria estate, has decided to exit from its Indian companies, and recently concluded Rs 1,300-crore deal to sell its largest domestic enterprise, Shaw Wallace & Co Ltd, to UB Group.

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