New Delhi, Oct. 12: The government today invited bids for the strategic sale of Calcutta-based Bridge & Roof and three other companies.
The government plans to sell a 99.35 per cent stake and transfer management control in Bridge & Roof, which is under the ministry of heavy industries.
The miniratna PSU operates in the engineering and construction sector. The residual stakes in the company are with Balmer Lawrie and retail investors.
Ninety-year old Bridge & Roof is better known for its Bailey bridges and wagons. It also makes marine freight containers and bunk houses at its Howrah workshop. The government plans to sell the PSU through open, competitive bids.
The government has invited bids from central public sector enterprises (CPSEs) to buy its entire shareholding in consultancy firms NPCC and HSCC and Engineering Projects (India) Limited.
It wants to sell its entire 98.99 per cent stake in National Projects Construction Corporation (NPCC) and 100 per cent in Hospital Services Consultancy Corporation (HSCC), but only to central PSUs, according to a notice inviting bids.
The bids for both the companies have to be put in by November 8 and that for Bridge and Roof by December 11.
Under the administrative control of the ministry of water resources, NPCC is engaged in project management consultancy for civil construction projects and civil infrastructure for thermal and hydro electric projects.
HSCC, under the ministry of health and family welfare, offers consultancy in healthcare and other social sectors in India and abroad.
Fiscal target
The government has budgeted to raise Rs 15,000 crore through the strategic sale of PSUs. The last strategic sale took place in Jessop in 2003-04 under the NDA government headed by Prime Minister Atal Bihari Vajpayee, when 72 per cent of the government stake was sold to Indo Wagon Engineering for Rs 18.18 crore.
Incidentally, the first strategic sale of a PSU also happened under NDA rule in 1999-2000 when the government sold 74 per cent equity in Modern Food Industries to Hindustan Lever for Rs 105.45 crore.
