Uflex and Chaddha group today submitted their financial bids for the 33 ailing corporation sugar mills in Uttar Pradesh.

Infrastructure major Gammon has already submitted its bid in this regard.

The three-day extension was incorporated to assist Noida-based Uflex and the Chaddha group to participate in the bidding process.

Official sources told Business Standard now a committee headed by the chief secretary would decide on the bid. This would entail studying the valuation report of the consultants and taking into consideration other aspects.

"This process will take three to four days when the financial bid will also be open."

In July five companies Gammon, Dalmia, Era, Chaddha and Uflex had submitted expression of interest (EoIs) according to modified terms and conditions for the investment of the corporation sugar mills. The EoIs were opened on July 18.

The five companies were required to submit their bids. However, only Gammon submitted its paper till September 8, which was the last date. Later, the last dates were extended to September 16 and September 22.

Earlier this year, five companies, including Bajaj Hindusthan and Dalmia had submitted EoIs for the units.

However on July 4, the state government rejected all the five bids and invited fresh EoIs with modified terms and conditions.

The bids were cancelled since Recovery Certificates (RCs) had been issued against some of the bidding companies, besides other anomalies were also detected.

The corporation mills are located at prime locations in UP and have sizeable land asset. Most of these mills have obsolete machinery.

Out of the total 33 sugar corporation mills, 22 are in working condition, while only 17 of them had participated in the 2007-08 crushing season.

Besides, four of these sick units are under the purview of Board for Industrial and Financial Reconstruction (BIFR).

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