Cash-strapped computer group PCL is close to selling off a substantial equity, which could be up to a majority stake, in its high-tech computer motherboard unit at Gurgaon to Soletron, the US-based $3.5 billion giant.
The Gurgaon facility has recently been hived off as a 100 per cent subsidiary of Altos, the groups hardware manufacturing arm. PCL Ltd is the marketing and servicing arm of the over Rs 1,350 crore group.
The Dadan Bhai-promoted group is also negotiating with ING Barings equity fund to pick up an equity stake in this company.
The PCL groups gameplan is to use the cash generated through equity sale to finance its working capital needs, acute shortage of which has forced the company to drastically slash the production of PCs.
At the same time, financial institutions including IDBI and ICICI are preparing a debt restructuring package for the company which is likely to finalised soon. The Gurgaon unit has piled up debts worth nearly Rs 25 crore.
Leading management consultants Arthur Andersen, appointed to evaluate the business prospects of Altos Ltd, has made an indicative valuation of the Gurgaon unit at Rs 90-120 crore.
Sources indicate that besides investing in the equity, the US company, which is the second largest contract manufacturing outfit in the world, is also interested in the management of the Gurgaon electronic hardware technology park (EHTP) facility.
Soletron, is also considering a proposal to establish its global training facility at Gurgaon, and has asked for more time from the PCL group to work out the details of the plan.
The 100 per cent subsidiary undertakes contract manufacturing jobs using the sophisticated surface mounted technology (SMT) to make PC motherboards for leading OEM manufacturers.
