| "We are currently examining the financial details. A bid will be submitted in the next couple of days for the Philippine company," Chairman and Managing Director Ravi Parthasarathy said. |
| MWS had defaulted on pesos 17 billion ($333 million), before the Philippine government acquired 84 per cent of the company "� a joint venture between French utilities group Suez and local conglomerate Benpres Holdings, after a court-supervised debt restructuring last year. |
| The Philippine government has sought a minimum of pesos 3 billion (over $58 million) for buying out its stake. It is likely to sell the company to the successful bidder in October. |
| The winning bidder will also have to invest about pesos 20 billion (over $392 million) for expansion and upgrade of existing systems by 2013. |
| IL&FS, on Friday, submitted documents to back its claim that it has the financial and technical resources to acquire MWS. |
| Other companies which have complied with the requirement are Malaysia's YTL Power Bhd and the Philippine property unit of Hong Kong's Fist Pacific Company, along with their local partners. |
| The fourth bidder for MWS is Manila Water, a profitable joint venture of United Utilities of the UK and the Philippine property developer Ayala Corp. Manila Water supplies water to the eastern half of the capital city. |
| MWS reported first ever net profit of pesos 2.2 billion (more than $43 million) on revenues of pesos 7.3 billion (over $143 million) in 2005, helped by large rate hikes. |
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