Govt seeks bids from advisors for sale of Dredging Corp, HLL

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

The government plans to sell 100 per cent 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.

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The government currently holds 73.47 per cent in Dredging Corporation, which is under the administrative control of the shipping ministry.

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The total turnover of the company in financial year 2016 -17 was Rs 599.69 crore. The networth 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 per cent on the BSE.

IMPCL, under the Ministry of AYUSH, is a joint venture of the Government of India (97.61 per cent) and the Uttarakhand state government (2.39 per cent).

The total turnover of the company in financial year 2016 -17 was Rs 66.45 crore. The networth 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. Total turnover of the company in 2016-17 was Rs 1,064.71 crore. The networth 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 mobilised through minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from listing of PSU insurers.

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