The divestment process of ailing public sector giant Jessop and Company was finally formalised on Friday with the Centre handing over 72 per cent shares of the company to the Ruia Group, which promised to work for its complete turnaround.

The majority shares of the company was handed over to the Ruia Group, accepted as the strategic partner of the government for revival of the company, according to a statement issued in Kolkata.

The formal handing of the shares to Ruia Group came after last month's Supreme Court's refusal to stay the sale of the engineering giant on an appeal by the Jessop Staff Association challenging an earlier order of the Calcutta high court.

"I envisage that a complete turnaround of Jessop will be carried out successfully by its skilled and competent employees under the professional managers with defined goals and targets," P K Ruia, the chairman of Ruia Group, said in a statement.

The Centre decided to divest the majority stake in Jessop in 2002 for its revival as it became sick and was under BIFR.

A consortium of the Ruia Group of companies emerged as the highest bidder with a bid of Rs 18.18 crore or Rs 181.8 million.

The Centre continues to hold 27 per cent stake in Jessop through Bharat Bhari Udyog Nigam Limited, the parent company of Jessop, while about one per cent stake was with the institutions and individuals.