Heavy engineering PSU Andrew Yule & Co will restructure its engineering and electrical divisions into two subsidiaries by the end of the current financial year.
The company's engineering and electrical divisions would be split into two separate firms Yule Engineering Ltd and Yule Electrical Ltd, Andrew Yule & Co Chairman and Managing Director Kallol Datta told reporters after the firm's annual general meeting here today.
Datta said the initiative was part of a rehabilitation package formulated by Board for Industrial and Financial Reconstruction (BIFR), the idea behind which was to facilitate hiving off the two units in the future if required.
On other initiatives of the company, Datta said the firm would launch branded packet tea during the upcoming festive season.
The company has 15 tea gardens 10 in Assam, four in Dooars and one in Darjeeling. The total production volume of tea is nine million kgs.
Datta said the stake sale of Dishergarh Power Supply Corp would be completed by October this year.
The company would also sell stakes in Tidewater Oil and Phoenix Yule.
