In a major divestment move, Punjab government on Friday approved the bid made by Commonwealth Development Corporation, a wholly owned investment institution of the British government, to buy Punjab State Industrial Development Corporation's 23.49 per cent share in Punjab Tractors Ltd.

The Cabinet Committee on Divestment in Chandigarh approved the bid made by CDC for Rs 218.13 crore (Rs 2.18 billion) at the rate of Rs 153 per share, an official release said on Friday.

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The bids of other parties, including Mahindra and Mahindra, TAFE, Eicher Tractors, Escorts Tractors, SAME, CNH, Kirloskar Oil Engines Ltd and Warburg Pcinuc were not received by the PSIDC by the scheduled time for acceptance of the bids.

The release said that confidential information memorandum on PTL was circulated to all the qualified interested parties who however, failed to give their bids. Eleven parties had put in their expressions of interest the release said.

The CCD meet was presided over by state Chief Minister Amarinder Singh, the release added.