Grasim Industries Ltd, Nirma Ltd and DCM Shriram Credit & Investments Ltd are among 14 companies that submitted their EoIs (expressions of Interest) for picking up entire equity shares of Punjab State Industrial Development Corporation Ltd’s (PSIDC) in Punjab-based Punjab Alkalies & Chemicals Ltd. PSIDC has 44.3 per cent stake in the firm.
Speaking to Business Standard, Punjab Disinvestment, Director, V K Singh said, “Fourteen companies have submitted their expression for Interest for picking up Punjab State Industrial Development Corporation Ltd’s entire Equity Shares of 44.3 per cent in the Punjab Alkalies & Chemicals Ltd. We will evaluate the bids and after a fortnight we would ask the companies to submit their RFP(request for proposal) document. The entire process is likely to be completed by October this year.”
Among the other were, Noida-based Jai Prakash Associates Ltd, Chandigarh-based Surya Pharmaceuticals Ltd, Nector Lifescience Ltd, and Bhusan Power & Steel Ltd, New Delhi-based Goyal MG gases (p) Ltd, Punjab-based Kudos Chemie Ltd, etc.
Meanwhile, the companies share on BSE index closed at '39.3, witnessing a decline of 4.03 per cent. The stock was opened at '42.3 and a total of 62, 96 shares traded on BSE Index.
Besides PSIDC, other stakeholders in PACL include public, corporate bodies, mutual fund, banks, FIIs having percentage stake of 35.8, 19.8, 0.1, 0.05, 0.02 respectively, as on June 30.
Further, The Company has been promoted by the Punjab State Industrial Development Corporation Limited (PSIDC), a wholly owned Punjab Government Company. The company’s plant is located at Naya Nangal in District Ropar, Punjab (India), with an installed capacity of 99,000 tons per annum (tpa). The Company is engaged in the manufacture and sale of Caustic Soda (Lye & Flakes), Liquid Chlorine, Hydrochloric Acid, Sodium Hypochlorite and Hydrogen Gas.
Punjab Alkalies & Chemicals reported net loss of ' 22.41 crore in the year ended March 2010 as against net profit of ' 7.12 crore during the previous year ended March 2009. Also, sales declined 24.11% to ' 153.66 crore in the year ended March 2010 as against ' 202.48 crore during the previous year ended March 2009.
It is worth mentioning that that Directorate of Disinvestment, Punjab last month invited global expression of interest from private players to disinvest 44.26% equity shareholding of Punjab State Industrial Development Corporation (PSIDC) in Punjab Alkalies and Chemicals Limited (PACL) through competitive bidding, which was later on extended from August 2, 2010 to August 16, 2010. It has also appointed IFCI Ltd, as the Global Advisors for the proposed transaction.
