Bids sought from advisors for sale of Dredging Corp, HLL

New Delhi: The government invited bids from transaction advisors for the sale process of three PSUs, including Dredging Corporation of India.

The government plans to sell 100% stake in HLL LifeCare Ltd and Indian Medicines Pharmaceutical Corporation Limited (IMPCL) through strategic sale via a two-stage auction process.

Entities willing to act as transaction advisors for these companies would have to submit their bids by January 29. The government currently holds 73.47% in Dredging Corporation, which is under the administrative control of the shipping ministry.

The total turnover of the company in the financial year 2016 -17 was Rs 599.69 crore. The net worth of the company as on September 30, 2017, was Rs 1,547.57 crore. Shares of Dredging Corporation were trading at Rs 882.05, up 2.98% on the BSE. IMPCL, under the Ministry of AYUSH, is a joint venture of the Government of India (97.61%) and the Uttarakhand state government (2.39%).

The total turnover of the company in the financial year 2016 -17 was Rs 66.45 crore. The net worth of the company as on September 30, 2017, was Rs 65.49 crore. Listed firm HLL Lifecare is under the administrative control of the Ministry of Health and Family Welfare.

The total turnover of the company in 2016-17 was Rs 1,064.71crore. The net worth of the company as on September 30, 2017, was Rs 487.93 crore. The government has budgeted to raise Rs 72,500 crore this fiscal through disinvestment. Of this, Rs 46,500 crore was estimated to be mobilized through minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from the listing of PSU insurers.