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Govt seeks bids for Fertilisers and Chemicals stake

The government has invited preliminary bids for a 51 per cent stake in state-run Fertilisers And Chemicals Travancore Ltd.

The bids can be submitted by December 4, it said in newspaper advertisements released on Friday.

The government, which owns about 98 per cent of the mid-sized fertiliser and petrochemicals maker, plans to induct a strategic partner in the company through the stake sale.

Deloitte Touche Tohmatsu India Private Ltd are the government's advisers to the sale.

Fertilisers and Chemicals is worth around Rs 840 crore (Rs 8.4 billion), according to its market capitalisation, with 2001-02 annual revenues of Rs 1222 crore (Rs 12.22 billion).

It made a small profit of Rs 57 crore (Rs 5.7 million) in the year to March 2002, but suffered a loss of Rs 55.8 crore (Rs 558 million) during the July-September quarter, according to data from the Bombay Stock Exchange Web site (www.bseindia.com).

FACT shares have jumped about 50 per cent this year in the Bombay Stock Exchange, whose key index has dropped about nine per cent in the same period.

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