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May 19, 2001
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Money > Business Headlines > Report May 19, 2001 |
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IOC gets time till June 15 for IPCL Baroda buyBS Corporate Bureau The Centre, which has been sitting on petrochemicals major IPCL's privatisation for over a year, has given Indian Oil Corporation time till June 15 to decide on buying out IPCL's Vadodara unit. Thereafter the Cabinet Committee on Divestment will take a final decision on calling for fresh bids for the Gandhar and Nagothane units of IPCL. Divestment secretary Pradip Baijal said: "We have given Indian Oil Corporation time till June 15 to decide on whether they want to pick up IPCL's Vadodara unit." "If they do, the CCD will then take a formal decision on fresh bids for the balance assets of IPCL," Baijal said. He did not specifically say whether even the Baroda unit will be included in the new bidding process if IOC declined to buy it. IOC has already missed the earlier deadline of March 31 to buy out the Baroda unit at a "mutually agreed transfer unit". The government had earlier offered 26 per cent strategic stake in IPCL, but the final shortlist came down to only two bidders: Reliance Industries and the Chatterjee-Soros group. Powered by YOU MAY ALSO WANT TO READ:
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