The government has invited initial bids for selling its entire stake in Indian Medicines Pharmaceutical Corporation Ltd (IMPCL).
IMPCL is engaged in manufacture and supply of 'ayurvedic' and 'unani' medicines and is under the Ministry of AYUSH.
The government holds 98.11 per cent stake in IMPCL and the rest 1.89 per cent is held by Uttarakhand government PSU Kumaon Mandal Vikas Nigam Ltd.
The government has come out with a "global invitation" for Expression of Interest for the proposed strategic disinvestment of its entire stake in IMPCL.
Interested bidders with minimum net worth of Rs 70 crore as on March 31, 2018, can put in their bids by May 18.
If the strategic sale of IMPCL goes through, the proceeds would add to the disinvestment kitty of the government in the current fiscal.
The government has budgeted to raise Rs 90,000 crore through CPSE stake sale in current fiscal, up from Rs 84,972 crore last fiscal. Of this, the government had raised Rs 15,914 crore through strategic stake sale.
Besides, a consortium of four ports acquired the government's 73.44 per cent stake in Dredging Corp of India for Rs 1,049 crore, while National Projects Construction Corporation (NPCC) was sold for Rs 80 crore.
An amount of Rs 14,500 crore was raised by way of state-run Power Finance Corp acquiring the government stake in REC.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)