Centre seeks bids for IMPCL's strategic disinvestment

livemint.com:

Ayush, through strategic disinvestment where the government will give up its ownership and transfer management control to a private company. The department of investment and public asset management (DIPAM) issued an information memorandum where the government intends to sell its holding of 98.11% and the Kumaon Mandal Vikas Nigam Limited, an Uttarakhand government unit, holding the rest, at the price found through bidding. As per the conditions, the government has sought interest from parties that have minimum Net Worth§ of Rs.

120 crore, profitable and more than two years old in terms of existence. Consortia are allowed with the lead investor having a mandatory minimum net worth of ₹48 crore and the partners, limited to five, having ₹12 crore net worth each. Central and state government entities including public sector enterprises, government owned cooperative societies are not eligible to participate in the bidding.

The last date for submitting bids is October 15. IMPCL is a leading Central Public Sector Enterprise (CPSE), involved in manufacturing and supply of Authentic and Standardized Ayurvedic and Unani Medicines. The profit-making organization since inception, the PSU recorded profit after tax of Rs.