Search the Internet          Tips  Sites: Finance, Investment

3 bidders shortlisted for IPCL divestment

The government on Wednesday shortlisted three bidders including oil majors Indian Oil Corporation and Reliance for selling stake in Indian Petrochemcials Ltd and sought clarification from IPCL Employees Federation which is also in the race.

Soap major Nirma group is the third shortlisted bidder out of about seven expression of interests received by government in response to its offer to sell 26 per cent stake to a strategic partner.

After screening all the EOIs, marked by the absence of major players like Shell, BP-Amoco, the inter-ministerial group decided to complete the first phase of divestment in the petrochemical major by February.

The government has requested IPCL's global advisor to ask the shorlisted bidders to start due deligence immediately, sources said and added that draft shareholders' agreement would be circulated among the bidders soon for their comments.

The fate of fourth bid from the employees' federation would be decided after advisors get clarification from them.

The bidders were shortlisted within a week of roadshow for IPCL for which an interministerial group comprising secretaries in divestment and Chemical Ministries as also IPCL chief Ashok Chawla had gone to London.

The IMG held talks with representatives of British Petroleum, Sun Group and Burma Shell and told them the government would close the IPCL deal in the next three months.

ALSO READ:
The Divestment Development