Public sector Andrew Yule Group and financial institutions are set to exit power utility Dishergarh Power Supply Co (DPSC) by divesting their entire stake in the company.
Financial bids for this would be invited on Friday, Andrew Yule chairman and managing director Kallol Dutta told DNA Money.
According to Dutta, Andrew Yule and financial institutions hold 57% stake in DPSC, while Descon has 32% and the rest is widely held. “By inviting the financial bids, both Andrew Yule Group as well as the financial institutions would be divesting their entire stake in DPSC,” Dutta said.
Companies participating in the bidding include RPG Group’s CESC, Reliance Energy and Tata Power, besides Descon. To recall, the Company Law Board (CLB) passed an order last month allowing Descon to bid for its parent firm DPSC.
The DPSC divestment had been hanging fire. Descon had moved CLB for permission to participate in the process, while Andrew Yule had decided to contest it.
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