Stakeholders include PSIDC, public, corporate bodies, banks etc
The Punjab disinvestment department has shortlisted 12 players for diluting entire equity shares of Punjab State Industrial Development Corporation Ltd (PSIDC) in Punjab-based Punjab Alkalies & Chemicals Ltd (PACL). PSIDC has 44.26 per cent in Punjab Alkalies & Chemicals Ltd. It is worth mentioning that earlier 14 players has shown interest in picking up entire stake of PSIDC in Punjab Alkalies.
Speaking to Business Standard, Punjab Disinvestment, Director, V K Singh said, “We have shortlisted 12 players out of a total of 14, which had submitted RFQ (request for quotation) document. There were certain discrepancies in the proposal submitted by two players namely Chandigarh-based Nector Lifescience Ltd and DCM Shriram Credit & Investments Ltd. So the matter has been referred to the cabinet. It’s up to the cabinet to decide whether or not to allow these two companies. If it does the other players will as well be asked to submit their RFP (request for proposal) document in due course of time, otherwise only the selected one will be allowed.”
Earlier, Grasim Industries Ltd, Nirma Ltd, and DCM Shriram Credit & Investments Ltd were among the 14 companies who had submitted their EoI (expression of Interest) for picking up the entire equity shares of Punjab State Industrial Development Corporation Ltd’s in Punjab-based Punjab Alkalies & Chemicals Ltd. Among the others 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.
Besides PSIDC, other stakeholders in PACL include public, corporate bodies, mutual fund, banks, FIIs having percentage stake of 35.82, 19.79, 0.06, 0.05, 0.02 respectively as on June 30, 2010. 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). It is one of the largest manufacturers of caustic soda in 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 Rs 22.41 crore in the year ended March 2010 as against net profit of Rs 7.12 crore during the previous year ended March 2009. Sales declined 24.11 per cent to Rs 153.66 crore in the year ended March 2010.
