New Delhi, Oct 13: In a bid to push ahead with the disinvestment process, government today invited initial bids for engagement of co-ordinator-cum-advisor to divest its residual stake in Indian Petrochemicals Corporation (IPCL) through a domestic offering. "Government intends to divest the balance stake of 34 per cent of the equity shares of IPCL through domestic offering," Disinvestment Ministry said in an advertisement inviting expressions of interest for appointment of advisor.

It has invited merchant bankers with specific expertise in disinvestment through capital market offerings to submit bids by October 31, for engagement as advisor for IPCL, where Reliance Industries last year acquired Centre's 26 per cent stake for Rs 1490 crore and currently holds 46 per cent following an open offer for additional 20 per cent stake. The move to engage an advisor comes after a Cabinet Committee on Disinvestment decision in July to sell government's remaining shares in five companies including VSNL, IPCL and BALCO through public offer after seeking consent of the strategic partners in the erstwhile PSUs for the purpose.

Bureau Report