16 July 2009 15:53 [Source: ICIS news]
NEW DELHI (ICIS news)--India’s Punjab state government has revived a proposal to divest its controlling stake in Punjab Alkalies & Chemicals Ltd, a government official said on Thursday.
The government has started the divesture process by seeking expressions of interest from consultancy firms to be the divesture adviser.
The last date for the submission of offers is 6 August, the official said.
The company's net profit in 2008-2009 was Indian rupees (Rs) 7.12m ($146,652, €103,835) and its net sales were Rs2bn.
The remaining shares are held by institutional, corporate and retail investors.
Punjab Alkalies operates two membrane cell-based chlor-alkali units at Naya Nangal, in
The company also produces hydrochloric acid, calcium hypochlorite, sodium hypochlorite and sulphuric acid at the Naya Nangal site.
($1 = Rs48.55/€1 = Rs68.57)
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