Kolkata, Oct 02: The recent Supreme Court order on HPCL and BPCL privatisation has to a great extent affected the divestment of burn standard, Braithwaite, Bharat wagon and BBJ construction despite considerable progress made recently in this direction, officials said. "A review has to be done in view of the Supreme Court order at a time when the process for Bharat wagon and BBJ construction has reached the level of inviting final bids," a senior official of Bharat Bhari Udyog Nigam Limited (BBUNL), owner of all the four companies, said.
Giving details of the various stages of the divestment of four public sector undertakings, the official said for Burn Standard and Braithwaite, expression of interest (EOI) was received, but due diligence was yet to start.
For the remaining two - Bharat Wagon and BBJ Construction - not only EOI was received, but even due diligence was on the verge of completion, he said.
The official said for Bharat Wagon, three EOIs were received and due diligence completed and for BBJ two EOIs secured.
"Only final bids were to be invited for both Bharat Wagon and BBJ when the supreme court order came. The entire process is unlikely to move forward till a clear cut situation emerges after the verdict," he said. Bureau Report