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

To: Mohan Marette who wrote (8699)	10/20/1999 9:35:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

DisInvestment News - Billionaire Soros in the house for IPCL stake. Indian Petrochemicals Corporation Ltd ipcl.co.in Indian Oil Corporation iocl.com 20-10-1999 21:16:39 (Probity) IOC ties up with Soros to bid for 25% stake in IPCL Indian Oil Corp (IOC) has tied up with an affiliate of billionaire financier George Soros to bid for a 25% government-held stake in Indian Petrochemicals Corporation Ltd. Speaking to Reuters, a company official said, "IOC and The Chatterjee Group (TCG) have agreed to form a consortium and bid for the government equity in IPCL." With the government approving the tie-up today, IOC will be joining TCG for the due diligence of IPCL from tomorrow. TCG is an associate of the George Soros Fund Management Group of the U.S. IOC, which had failed to submit its bid before the June 30 deadline, had been scouting for a partner among four companies, which had qualified to bid for the 25% stake. The other three qualified bidders are U.S. firm Dow Chemical Corp, Japan`s Mitsubishi Chemical Corp and India`s Reliance Industries Ltd. The Indian government plans to sell off a 25% stake from its total stake of 51% in IPCL, and give management control to the highest bidder. After the share deal the government will continue to hold 26% in IPCL.