The government today shortlisted three bidders -- Indian Oil Corporation, Reliance and soap major Nirma group -- for the sale of stake in Indian Petrochemicals Corporation Ltd (IPCL).
It also sought certain clarifications from the IPCL Employees Federation which is also in the race.
The government received seven expressions of interest (EoI) yesterday in response to its offer to sell 26 per cent stake to a strategic partner. After screening all the EoIs -- marked by the absence of major players like Shell, BP-Amoco, etc -- the inter-ministerial group (IMG) decided to complete the first phase of disinvestment in the petrochemical major by February.
The government has asked IPCL's global advisor to instruct the shortlisted bidders on starting due diligence immediately, sources said. They added that the draft shareholders
