The Hindu : Four in race for NFL

Online edition of India's National Newspaper
Tuesday, Feb 11, 2003

Business

Business

Four in race for NFL

NEW DELHI FEB. 10. Fertilizer co-operatives Indian Farmers and Fertilizer Coperative (IFFCO) and Krishak Bharati Cooperative(Kribhco) and private player Tata Chemicals are among those believed to be in the race to acquire the Government's 51 per cent stake in National Fertilisers, the initial bids for which closed today.

IFFCO and Kribhco are understood to have submitted separate initial bids for acquiring majority stake in the fertilizer major, according to sources.

Tata Chemicals, which had even earlier evinced interest in NFL has again thrown its hat in the ring to become a strategic partner in the company. The group is believed to have sent a communique to the Government, confirming its participation in the disinvestment process.

Last month, the Government re-invited initial bids for the sale of 51 per cent stake in NFL through the strategic route. Rabo India Finance is the global advisor for NFL disinvestment.

The Centre had earlier invited initial bids for NFL in late 2000 and had received EOIs from a number of parties in response.

However, with the number of policy initiatives including decisions on fertilizer pricing and settlement of outstanding dues there had been a material change in the existing financial position and prospective business and operating environment, prompting government to reinvite bids for the company.

— PTI

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