Press Trust of India / Kolkata Nov 15, 2009, 18:36 IST
A month after the Company Law Board's (CLB) order allowing Descon to bid for its parent firm Dishergarh Power Supply Company (DPSC), Andrew Yule would invite financial bids for the power utility on November 20.
"We will now invite bids for selling our 15 per cent and institutions' 42 per cent stakeholding in DPSC on November 20," Chairman and Managing Director of Andrew Yule Kallol Datta told PTI.
Completion of the DPSC divestment process had been stalled as Descon had approached the CLB seeking its participation in the sell off process which was contested by Andrew Yule.
A number of companies besides Descon had expressed interest in the bidding process. Some of them are CESC, Tata Power and Reliance Energy among others.
DPSC provides power in the coal belt of Asansol and Ranigunj.
The CLB order specified that in case the bid price difference between the highest bidder and DPSC was less than 10 per cent, then Andrew Yule would have to resort to the open auction route between the two.
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