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Kolkata, Sept. 16 Andrew Yule and Co Ltd, a central PSU, hopes to complete divestment of its belting joint venture, Phoenix Yule Ltd, and power utility, DPSC Ltd, by March, 2009. The disinvestment process is now being overseen by an inter-ministerial group.

Giving this information to newspersons at the end of the company’s annual general meeting here on Tuesday, the Chairman & Managing Director, Mr Kallol Datta, said plans were also afoot to split by the end of the current fiscal the company’s engineering and electrical divisions into two separate firms – Yule Engineering Ltd and Yule Electrical Ltd, as recommended by the Board for Industrial and Financial Reconstruction (BIFR).

Andrew Yule’s 26 per cent holding in Phoenix Yule would be sold by December to Phoenix AG of Germany which controls 74 per cent stake in the belting joint venture.

“PricewaterhouseCoopers is advising us on valuation of our stake in Phoenix Yule,” Mr Dutta said, adding, “An audit of assets and liabilities of Andrew Yule’s electrical and engineering divisions is also in progress.” Meanwhile, bids were recently called for disinvestments of the company’s stake in DPSC Ltd and companies such as Coal India, Tata Power Co Ltd and Reliance Power Ltd participated in the bid. Insurance companies jointly owning 24 per cent stake in the company are also participating in the stake-sale process.

Andrew Yule, which has tea estates in West Bengal and Assam, has also decided to re-launch its packet tea brands Yule Tea Gold and Yule Tea Red in October. “We are planning to sell around five lakh kg of tea a year and primarily targeting smaller towns and semi-urban areas to promote the brands,” Mr Datta added.

More Stories on : Outlook | Disinvestment | Tea

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