The government today said it has selected SBI Capital Markets to assist in the disinvestment of state-run Andrew Yule and Co's stake in Tide Water Oil Co Ltd (TWOL).
As of December, 2009, Andrew Yule & Co Ltd had 26.22 per cent equity in TWOL. "The disinvestment process of Andrew Yule and Co Ltd's (AYCL) stake in TWOL is underway," Minister of State for Heavy Industries and Public Enterprises Arun Yadav informed the Lok Sabha.
He said revenue earnings from the stake sale were yet to be "estimated". The government holds 97.46 per cent participating interest in AYCL.
TWOL is a part of the Andrew Yule group, which has diverse interests in engineering, electrical equipment, tea cultivation, power generation and lubricants. The share price of AYCL today closed at Rs 43.30 on the Bombay Stock Exchange (BSE), down 1.81 per cent.
