Andrew Yule aims to sell subsidiary stakes this fiscal

Kolkata based heavy engineering firm, Andrew Yule Corporation Limited (AYCL), expects its entire disinvestment process to be completed by the end of this fiscal.

As a part of its revival package, the company is required to spin off its electrical and heavy engineering business into separate companies, Yule Engineering Ltd and Yule Electrical Ltd for which audit of assets and liabilities are in the process of getting decided.

On the sidelines of the Annual General Meeting (AGM), Kallol Datta, chairman and managing director of AYCL, said, "We hope to conclude the process of disinvestment by the end of this fiscal. Finalising of assets and liabilities is in process for the two heavy engineering and electrical companies."

In response to the Expression of Interest (EOI), invited by AYCL, to offload its 15 per cent stake in Dishegarh Power Supply Corporation (DPSC) along with two other financial institutions, Life Insurance Company (LIC) and United Insurance Company (UIC) with September 9 as the last date of submission, companies like CESC, Patton and NTPC had filed bids.

Andrew Yule initiated the process of divesting its 26 per cent stake in Phoenix Yule Limited (PYL) too, and for this an inter-ministerial group (IMG) had been formed to monitor the disinvestment process.

After settling legal issues, the process of disinvestment was expected to be completed in December 2008. PricewaterhouseCoopers was monitoring valuation of the 26 per cent stake in Phoenix Yule Limited.