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Govt sets May 17 deadline for EIL initial bids

The government has set May 17 as the deadline for prospective bidders to put in their "expression of interest" for state-run Engineers India Ltd, a key firm on the country's privatisation agenda.

The consultancy and engineering company serves a wide range of process industries, mainly project services for the petroleum refineries.

An advertisement in the Economic Times on Thursday said the government, which owns 90.40 per cent stake in the firm, intends to divest 51 per cent through a strategic sale alongwith management control.

The sale is a part of the government's drive to raise Rs 120 billion ($2.45 billion) from privatisation during the year to March 2003.

The advertisement said EIL posted a net profit of Rs 1.239 billion for the year to March 2001 on a net turnover of Rs 7.876 billion.

In a separate advertisement in the same paper, the government also invited expression of interest for an advisor to assist it in the stake sale. The deadline is April 19.

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