SALE OF MADRAS FERTILIZERS LTD.
As per policy of
the Government to bring down its equity in the non-strategic PSUs
to 26 per cent or lower, it has been decided to disinvest 32.74
per cent of GOI held equity of 58.74 per cent in the Madras Fertilizers
Limited (MFL) to a strategic buyer along with transfer of management
control. The National Iranian Oil Company (NIOC) holds 25.77 per
cent equity in MFL. NIOC has shown its willingness to enter into
an MOU to divest its equity held in MFL.
In the case of
MFL, fresh "Expression of Interest’ is to be invited as IFFCO
and KRIBHCO, the two fertilizer cooperatives, have been allowed
to participate in the disinvestment process of fertilizer companies.
This information
was given by Dr. Chhattra Pal Singh, Minister of State for Chemicals
& fertilizers, in a written reply to a question in the Lok
Sabha today.
