Financial Daily from THE HINDU group of publications
Saturday, Jan 04, 2003
Financial Daily from THE HINDU group of publications Saturday, Jan 04, 2003 |
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Corporate
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Sick Units Alind units put up for sale Mony K. Mathew
THIRUVANANTHAPURAM, Jan. 3 THE process for sale of the various divisions of the ailing Aluminium Industries Ltd (Alind) has been set in motion with tenders being floated inviting bids for take-over of the company's Relays Division near here and the Switchgear Division at Mannar. As directed by the Board for Industrial and Financial Reconstruction (BIFR), the tenders are being put out by State Bank of Travancore (SBT), the operating agency. A second set of tenders will soon be floated for the sale of five other divisions of the company as individual units. According to sources, there have already been many enquiries for the take-over of the two divisions that will be hived off as operating units. Some of the earlier proposals for them had to be rejected, as the prices offered did not measure up to the expectations. The Relays Division was established in 1981 for the manufacture of static relays with the technical collaboration of Alsthom of France. The product range includes control panels, static relays, microprocessor-based feeder protection relays for 25 k.v. A/C traction (Railways) and software for power system analysis. As per an appraisal done by the Kerala State Industrial Development Corporation (KSIDC) some time ago, the division had excellent opportunity for expanding the market share of its static relays and control panels in view of the overall growth prospects in the power sector. The Switchgear Division at Mannar in Kerala was set up in 1968 for the manufacture of circuit-breakers and current transformers in technical collaboration with Delle-Alsthom of France. The KSIDC appraisal had pointed out that the division is one of the few manufacturing units with all the three basic technologies for the manufacture of circuit-breakers under one roof. Meanwhile, BIFR at its last hearing a fortnight ago, had asked the promoters who came forward to take over the company's Machinery and Conductor divisions in Hyderabad to rework their bid in regard to the employees' liabilities. The employees, it is learnt, have objected to the liabilities figuring in the divisions' balance sheets.
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