Five entities have been named as eligible bidders to acquire the 100 per cent equity holding in the Maharashtra government enterprise Mafco.
They are Al Kabeer Exports, ITC, Frigerio Conserva Allana and two consortiums led by Blowplast India and Deepak Fertilisers & Petrochemicals Corporations.
The names were shortlisted by Icra Advisory Services, which has been retained as advisor to assist the Maharashtra Board for Restructuring State Enterprises (MBRSE) in the disinvestment process of Mafco.
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A state government official, confirming the shortlisting, said eleven expressions of interest were received in response to the advertisements placed through the media on December 19, 2002, out of which these five bidders were selected by Icra on the basis of eligibility criteria specified in the preliminary information memorandum (PIM) for the disinvestment of Mafco.
The next step would be signing of the confidentiality agreement between the shortlisted bidders and the Maharashtra government through the MBRSE, after which their respective bids would be processed.
One of the daunting tasks, efficiently executed, was the valuation of the individual retail outlets used by Mafco through the state since these were on plots of land having multiple owners like the Brihanmumbai Municipal Corporation (BMC) and other state agencies.
Mafco was established in 1970, and is primarily engaged in processing and marketing of frozen vegetables and fruits.
As on March 31, 2002, the paid-up share capital of Mafco was Rs 5.036 crore consisting of 503,573 shares of Rs 100 each and its net worth was Rs 5.149 crore.
Mafco reported a turnover of Rs 24.251 crore and a net loss of Rs 2.608 crore during the year ended March 31, 2002. Mafco is not a listed company.
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