Government Seeks Bids From Advisers For Sale Of Dredging Corp, HLL

The government today invited bids from transaction advisers for the sale process of three public sector companies, including Dredging Corporation of India.

The government plans to sell 100 percent stake in HLL LifeCare Ltd. and Indian Medicines Pharmaceutical Corporation Ltd. through strategic sale via a two-stage auction process.

Entities willing to act as transaction advisers for these companies would have to submit their bids by Jan. 29.

The government currently holds 73.47 percent in Dredging Corporation, which is under the administrative control of the Shipping Ministry.

The total turnover of the company in the financial year 2016 -17 was Rs 599.69 crore. The networth of the company as on Sep. 30, 2017, was Rs 1,547.57 crore.

Shares of Dredging Corporation ended over three percent higher at Rs 884 on the NSE today.

Also Read: What A Potential Buyer Will Get In Dredging Corp

IMPCL, under the Ministry of AYUSH, is a joint venture of the Government of India (97.61 percent) and the Uttarakhand state government (2.39 percent).

The total turnover of the company in the financial year 2016 -17 was Rs 66.45 crore. The networth of the company as on Sep. 30, 2017 was Rs 65.49 crore.

Listed firm HLL Lifecare is under the administrative control of the Ministry of Health and Family Welfare. The total turnover of the company in 2016-17 was Rs 1,064.71 crore.

The networth of the company as on Sep. 30, 2017 was Rs 487.93 crore.

The government has budgeted to raise Rs 72,500 crore this fiscal through disinvestment. Of this, Rs 46,500 crore was estimated to be mobilised through minority stake sale, Rs 15,000 crore from strategic disinvestment, and Rs 11,000 crore from the listing of PSU insurers.