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Govt invites initial bids for Hindustan Copper

The government on Friday invited preliminary bids from strategic investors for the sale of its entire 98.95 per cent stake in Hindustan Copper Ltd.

In a newspaper advertisement, the government said it is also considering a financial and restructuring package for the copper maker, but gave no details.

Hindustan Copper had a turnover of Rs 9.5 billion ($194.47 million) in the year ended March 31, 2001.

A F Fergusson & Co are the advisors to the sale.

The sale is part of the government's privatisation drive which has been gathering pace since last year.

In the last fiscal year to March, the government sold strategic sales in several firms, notably telecoms giant Videsh Sanchar Nigam Ltd, computer maintenance and hardware firm CMC Ltd and Hindustan Zinc.

Among the companies it plans to privatise this year are Bharat Petroleum Corp, Hindustan Petroleum Corp, Indian Petrochemicals Corp, Shipping Corporation of India, carmaker Maruti and National Aluminium Company.

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