Poor response to CMC disinvestment

NEW DELHI, SEPT. 28. The move for privatisation of CMC may have to be shelved as only one valid price bid, presumably from Tata Consultancy Services, was received for it to the "disappointment" of the Government.

``We received only one bid for CMC at the scheduled closing today and this too was disappointing,'' the Disinvestment Secretary, Pradeep Baijal, told PTI, but declined to give the name of the bidder.

The only other bid for the company with an annual turnover of over Rs. 250 crores received by the Government was found invalid as it did not fulfil all the stipulated conditions following which it was not opened, sources said.

When contacted in Mumbai over phone, TCS spokesperson, Mr. Atul Takle, declined to comment on CMC bidding saying ``it is the company's decision not to comment.'' Mr. Baijal said after getting the initial response from 12 companies the final response was poor.

Asked if the Government would shelve CMC's privatisation, Mr. Baijal said, ``We are analysing the price bid and it is for the Cabinet Committee on Disinvestment to take a final decision.''The CCD is meeting here on Monday to take a decision on the bids for CMC and Hindustan Teleprinters.

- PTI

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