New Delhi: The Government has floated preliminary information memorandum (PIM) to invite Expressions of Interest (EoIs) for the privatisation of two PSUs — Projects & Development India Limited (PDIL) and HLL Lifecare Limited — as part of its PSU disinvestment plan. The news was shared by Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey in a tweet on Tuesday. The Centre intends to sell its 100 percent stake in the two public sector companies and transfer the management control to the new owner.
The DIPAM Secretary said that EoIs for the privatisation of both the PSUs are to be submitted by January 31, 2022. The disinvestment process for PDIL and HLL Lifecare Ltd will be implemented through open bidding process. Queries can be sent by bidders until December 30 for PDIL and January 4, 2022 for HLL Lifecare Ltd. For HLL Lifecare, qualified bidders will be intimated by February 14, 2022, while no such timeline has been specified in the case of PDIL.
HLL Lifecare, the PSU which manufactures Moods condoms was established to realise the government's family planning programme. Later, it diversified its areas of work to put increased emphasis on healthcare work. "The GoI envisages the strategic disinvestment of HLL as a whole rather than separately in parts, where Interested Bidders can bid individually or in consortium. On completion of the transaction as well as the stipulated lock-in period, flexibility would be given to the strategic acquirer for an easy exit from a part of business which is not in sync with the business plans of the acquirer. The condition of lock-in period of entire shareholding in the Company, requirements regarding lock-in of equity, continuity of business, staff service conditions, etc. will be clarified at Stage II – RFP stage of the Bid Process," said the PIM.
"As of 31st March, 2021, HLL's authorised capital was INR 3,00,00,00,000 divided into 30,00,00,000 equity shares of INR 10 each and its paid-up share capital was INR 15,53,50,000 divided into 1,55,35,000 equity shares held by the President of India through MoHFW (aggregating to 100% of the entire paid-up share capital in HLL)," the document added.
PDIL comes under the purview of the Department of Fertilizers, Ministry of Chemicals and Fertilizers. It is a consultancy and engineering organisation, which has played a pivotal role in the growth of the Indian fertilizer industry. It provides design, engineering and related project execution services from concept to commissioning in the fertiliser sector. It also provides services in other sectors, including oil and gas, refinery, chemicals, infrastructure, offsite and utilities.
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