Rediff.com  » Business » Govt calls for fresh bids for FACT

Govt calls for fresh bids for FACT

February 04, 2003 12:02 IST
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India invited fresh bids on Tuesday for a stake of 51 per cent in state-run Fertilisers and Chemicals Travancore Ltd.

The call for bids, which follows a previous call in November, was made in newspaper advertisements.

The government said it was calling for the fresh bids as there had been changes to its policies on the fertiliser industry since November.

The government, which owns about 98 per cent of the mid-sized fertiliser and petrochemicals maker, intends to induct a strategic partner in the company through the stake sale.

Deloitte Touche Tohmatsu India Pvt Ltd are the government's advisors to the sale.

FACT made a small profit of Rs 5.7 million in the year to March 2002 but made losses in the three subsequent quarters. It made a net loss of Rs 531.70 million in the latest quarter ended December.

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