Andrew Yule to invite price bids for DPSC

Kolkata: Engineering PSU Andrew Yule & Company would invite price bids for its stake sale in Dishergarh Power Supply Corporation by middle of November, a company official said.

Andrew Yule Chairman and MD Kallol Datta said that all the 18 suitors who have responded to the Expression of Interest (EoI) floated by the company have qualified for participating in the price bid.

Major companies which have responded to the EoI are Reliance, Tata Power, CESC, Patton and Paharpur among others.

As per the revival package drawn up for Andrew Yule by BIFR, the company was required to sell its stakeholdings in DPSC, Phoenix Yule and Tide Water Oil.

Andrew Yule along with Life Insurance Corporation would sell 57 per cent stake in DPSC, which has a generation capacity of 40 Mw and supplies power to the coal belt in the Ranigunj-Asansol area in West Bengal.

After DPSC, the company would go ahead with the stake sale in Phoenix Yule Ltd, Datta said. Andrew Yule has 26 per cent stake in Phoenix Yule.