Engineering PSU Andrew Yule & Company would be out of the Board for Industrial and Financial Reconstruction (BIFR) in the next financial year, a top company official said.
"We will formally approach BIFR once the financial results for the current fiscal are out," Andrew Yule Chairman and Managing Director Kallol Datta told PTI.
He said that although the networth had turned positive, the accumulated losses were yet to be entirely wiped out.
"The accumulated losses will be wiped out next year. Then we will go to BIFR to bring it out," he said. The company was referred to BIFR in 2003.
Datta said that the twin disinvestment of Andrew Yule's shares in DPSC and Phoenix Yule had helped the company in repaying the loans taken from the government. The company had garnered nearly Rs 86 crore from sell-offs.
Regarding the proposed disinvestment of its shares in TideWater Oil, he said that the process had been stalled. "There is no need for disinvesting in TideWater at the moment," Datta said.
Referring to the tea business of the company, Datta said that it was doing well and was contributing nearly 40 per cent to the company's total revenue.
Datta said that there was no crop loss and the yield was fetching good premium at the auction.
Asked whether the electrical and engineering businesses would be hived off into two separate entities, Datta said that there were no plan as such. Both the divisions were strategic business units of Andrew Yule.
Datta said that the company had set a target of clocking a turnover of Rs 1,000 crore over next five years. "It will not be a problem particularly after achieving a spectacular turnaround within a short period of time," Datta said.
An official of Andrew Yule said that the company was also mulling to pitch for the 'miniratna' status from the department of heavy industry. "We are examining the various criteria required for seeking the status," the official said.
The company plans to enter air separation and solar energy equipment manufacturing businesses.
