Punjab government revives divestment of Punjab Alkalies

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 Punjab government holds a 44.26% controlling stake in the company through the Punjab State Industrial Development Corp.

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 Punjab state.

The units have a total capacity of 99,000 tonnes/year of caustic soda, 87,714 tonnes/year of chlorine and 277.2 tonnes/year of hydrogen gas.

The company also produces hydrochloric acid, calcium hypochlorite, sodium hypochlorite and sulphuric acid at the Naya Nangal site.

The Punjab government shelved its plans to divest its stake in the company in 2003-2004 because poor economic conditions led to insufficient offers.  

($1 = Rs48.55/€1 = Rs68.57)

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By: Naresh Minocha
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