Financial Daily from THE HINDU group of publications
Thursday, Aug 14, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 14, 2003 |
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Industry & Economy
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Disinvestment Financial bids for Hind Copper likely by month-end Our Bureau
New Delhi , Aug. 13 THE Government is expected to invite financial bids from Birla Copper and Sterlite Industries Ltd for privatising Hindustan Copper Ltd (HCL) by the end of August or in the first week of September after resolving issues regarding sovereign guarantees to bond holders and environmental clearances. The inter-ministerial group (IMG) on disinvestment, at a recent meeting, discussed the issue of HCL's outstanding debts including guarantees extended by the Government towards bonds raised by the company in the past, Government sources said. HCL had raised two sets of debentures amounting to about Rs 250 crore which will become due for redemption by the end of the year. The IMG said bond holders would continue to enjoy the security of Government guarantee only till HCL remained as a public sector. HCL is likely to provide the information sought by the IMG by the month-end, paving the way for financial bids. The Government is selling its 100 per cent stake in the company along with management control to a strategic partner.
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