Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4644)	6/17/1999 4:22:00 PM
From: Mohan Marette	Respond to of 12475

Indian Oil Corp to bid for governments 25% stake in Indian Petrochemical Corp. Indian Petrochemical Corporation ipcl.co.in Indian Oil Corporation indianoilcorp.com ... More than 11 corporates and investors have responded to the government advertisement. Streamlining of the documents is expected to take at least 4-6 weeks after submission. Warburg Dillon Read, the global advisor to the issue, is expected to shortlist the bidders within this time... business-standard.com ========================= IOC to bid for Centre's 25% stake in IPCL Murali Gopalan -------------------------------------------------------------------------------- Mumbai, June 17: The Indian Oil Corporation (IOC) has decided to throw its hat in the ring and bid for the Centre's 25 per cent stake in Indian Petrochemicals Corporation (IPCL). IOC will soon initimate the ministry of petroleum and natural gas of its decision. The Government has roped in Warburg Dillon Reid as financial advisor to the IPCL disinvestment process. Reports in industry circles suggest that the response to the offer has been quite tepid given the uncertain nature of the gobal petrochemicals industry. This would naturally strengthen IOC's own prospects and observers are certain that there is no way the oil PSU will lose out in the race. The Centre holds 59 per cent in IPCL, which will be down to 51 per cent after completion of the $175-million foreign currency convertible bond issue in 2000. It will offer 25 per cent of its holding to a strategic ally, who will also have management control, while retaining 26 per cent. The balance stake is held by financial institutions and the public. ......................... The same recommendation was revived recently when the issue of finding a strategic partner for IPCL was mooted by the Disinvestment Commission. A team of experts again reiterated that it was in the interests of the corporation to seek a tieup with IOC as supply of feedstock -- naphtha -- remained the key reason for seeking a strategic tieup. "It makes tremendous sense for IOC to step into the picture instead of roping in a global player," experts aver. expressindia.com ======================