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April 12, 2002 | 1250 IST 		Feedback  
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Govt invites initial bids for engineering firm Mecon

The government on Friday invited preliminary bids for a 51 per cent stake in its wholly owned engineering firm Mecon Ltd through advertisements in local newspapers.

The company, based in the eastern state of Jharkhand, is involved in engineering, consultancy and project management services.

The announcement is another step forward in the government's privatisation drive seen gathering steam since the start of 2002. Mecon has strategic alliances with firms like UK-based consultant High Point Rendel Group plc and Italian engineering firm Snamprogetti.

It posted a turnover of Rs 2.7 billion ($55.2 million) in the year to March 31, 2001.

SBI Capital Markets is the advisor to the divestment and the last date for submitting "expressions of interest" is May 10.

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