14 companies bid for PACL divestment

The other bidding companies were Jai Parkash Associates, Surya Pharmaceuticals, KUDOs Resources, Amtek Auto, Nectar Lifesciences, Goyal MG Gases, DCM Shriram Credit & Investment, KLJ Resources, Panoli Intermediates (India), Lords Chloro Alkali, Jay Polychem (India) and Bhushan Power & Steel.

Punjab Directorate of Disinvestment Director VK Singh confirmed the reports saying, “We have received 14 bids from the companies for the disinvestment of PACL.”

Though the last date for submission was Aug. 2, the dates have been extended till Aug. 16.

Last month, the Punjab government declared an Expression of Interest for the sale of 44.26 percent stake of the state-owned Punjab State Industrial Development Corp. (PSIDC) in PACL through bids.

IFCI is their only adviser that helps in facilitating the transactions.

The complete process of stake sale is expected to complete by October. However, the final decision lies with the Punjab Cabinet.