Business Daily from THE HINDU group of publications
Tuesday, January 22, 2008
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Business Daily from THE HINDU group of publications Tuesday, January 22, 2008 |
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News Update as at 18.00 hrs (IST)
Corporate IFCI invites EoIs to run CT Cotton unit in MP NEW DELHI: Country's oldest financial institution IFCI Ltd on Tuesday invited bids from private sector firms to run textile company CT Cotton Yarn in Madhya Pradesh. The successful bidder will be expected to operate CT Cotton Yarn, IFCI said while invit ing expressions of interest (EoI) from the interested parties. The financial institution had taken possession of CT Cotton under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SRFAESI Act) for the failure of the company to discharge debts. The company, according to IFCI, has to repay to secured creditors debts aggregating Rs 243 crore as on June 30, 2006. The parties, which have experience in running spinning unit and interested to take on lease and run the spinning unit, in operation wit h installed capacity of 26,208 spindles, to manufacture cotton yarn can send their bids to IFCI by February 8. The lease agreement to run the unit would be signed with the shortlisted party on mutually agreed terms and conditions, IFCI said. - PTI
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