Search the Internet          Tips  Sites: Finance, Investment

IOC, Reliance, Nirma put in price bids for IPCL

State-run refiner Indian Oil Corporation, country's largest petrochemical company Reliance Industries, and detergent maker Nirma on Monday put in their price bids for acquiring government equity and management control of Indian Petrochemical Corporation Ltd.

Government is expected to determine the reserve price for selling its 26 per cent equity in the petrochemical company on Wednesday and an inter-ministerial group would meet thereafter to evaluate the price bids.

While IOC officials confirmed the submission of financial bid, a spokesperson of Reliance Industries in Mumbai declined to comment.

Oil and Natural Gas Corporation, which failed to join hands with IOC in pre-bid stage, said, "If IOC makes a winning bid, we will 'collaborate' with it."

"We have had discussions with IOC on joint bidding for IPCL and different modalities and options have been talked about but no decision has been firmed up yet," ONGC chairman and managing director Subir Raha said.

Government, which presently has 59.95 per cent equity in IPCL, has decided to offload 51 per cent stake in two phases.

The company would be transferred to the successful bidder for the 26 per cent stake within the current fiscal and the new partner would have the right of refusal over the remaining 25 per cent equity.

ALSO READ:
The Divestment Development
The Rediff Budget Special
Money

Tell us what you think of this report