Lafarge, the French cement multinational, has been given another chance to bid for the ailing UP State Cement Corporation Ltd (UPSCCL).
The Allahabad High Court, while rejecting its plea that the time given to it was very short for it to bid for the plant, has nevertheless allowed it further time.
Lafarge had said it wanted to see the geological map of the area before making a bid.
The court asked the company to source the material from the state government and make its bid by November 8, and has fixed November 15 as the next date to take a decision on the case.
UP government officials did not oppose the application. They felt no harm will be done if it takes another month, since it has taken quite a bit of time of time already. Further, when the company bids it will have to deposit Rs 10 crore.
Grasim had emerged as the leading bidder as others like India Cements, Gujarat Ambuja Cements including Lafarge, failed to submit their bids till the last date of August 26. UP is keen to sell the plant to the highest bidder.
With Grasim emerging as a top contender, UP went ahead and signed a pact. But the court, which has appointed a liquidator for UPSCCL, annulled the bid and asked the government to invite bids afresh.
Grasim
