New Delhi, Jan 06: Government is expected to invite initial bids for privatisation of Mineral Exploration Corporation, placing advertisements in specialised technical publications in a change of strategy. Prospective bidders would be required to submit expressions of interest (EOI) for acquiring government's entire equity within four to six weeks, sources associated with the deal said.

In a change of strategy, government has opted to advertise in specialised technical journals and websites seeking bidders for the company.

Notice inviting EOIs would be placed in South African, Australian and another international journals and website. The move to advertise in niche publications was required by the fact that government felt prospective investors were unlikely to subscribe to financial dailies.

A net worth criteria of around Rs 40 crore is likely to be specified for the bidders.

Government proposes to offload its entire equity amounting to 100 per cent to a strategic partner along with management control. Development finance institution IFCI has been mandated to act as global advisor for the deal.

The Cabinet committee had decided to approve sale of entire equity overruling a proposal by disinvestment ministry to sell 51 per cent.

Incorporated in 1972, the MECL, headquartered in Nagpur, has a paid up capital of Rs 70 crore. Bureau Report