Govt seeks partner to revive British India Corp

The government is looking for joint venture partners to revive the ailing, textile public sector undertaking British India Corporation (BIC).

A tender is expected to be floated by August-end to seek bids from companies willing to take over the management of the company, government officials said today.

While the government's equity in the joint venture will be in the form of plant and machinery of BIC mills, the partner would be asked to run the company using its own resources, they added.