Indian Rayon, 2 Others Shortlisted For Hind Photo

The third shortlisted bidder is a foreign company which has not been named by ICICI. These companies were selected by ICICI, the operating agency for the sick HPFMCL, out of a total of 12 companies which responded to the advertisements for a management change at the ailing HPFMCL.

The selected companies have been given one month's time to submit their concrete proposal of takeover to the Board for Industrial and Financial Reconstruction (BIFR). The companies had asked for some specific information regarding Hindustan Photo Films to the operating agency which have already been supplied to them.

This was disclosed at a recent hearing on HPFMCL held at the BIFR. The asset of the ailing company, evaluated by an independent valuer, indicate the value to be around Rs 493 crore and the replacement cost at approximately Rs 500 crore.

 

The liabilities of the company is said to be Rs 744 crore, but as the banks had not charged interest on the accounts for the past two years, the estimated liability would be around Rs 1,000 crore, the valuer report said.

The department of heavy industry has already moved a note to the ministry for a sanction of Rs 20 crore as support to the ailing Hindustan Photo Films, but the decision is still awaited. This is in addition to the Rs 6 crore which has already been forwarded to the company.