Gujarat Samachar and J K Paper have evinced interest in picking up 74 per cent government equity in Nepa Ltd. The financial bids are likely to be opened this month.
The department of disinvestment had restarted the disinvestment process for Nepa in April, 2003.
In December 2002, the Cabinet Committee on Disinvestment (CCD) had turned down the Rs 15 crore offer submitted by Gujarat Samachar, the sole bidder for Nepa, and had directed that the entire disinvestment process be restarted.
The ministry of heavy industries, which is the administrative ministry for Nepa, has also sought financial assistance of around Rs 6 crore for the company. It may be provided in lumpsum or on a monthly basis to pay the wages of the Nepa employees.
Officials said the company was incurring monthly losses of around Rs 2 crore. Earlier, the company had been valued at Rs 12 crore. Currently, the company has a liability of Rs 100 crore and its net worth has been eroded to Rs 13.94 crore.
Nepa was set up in 1947 with an authorised capital of Rs 5 crore. The Centre had acquired a controlling interest in 1959, after which the company had to be referred to the Board for Industrial and Financial Reconstruction.
