CHANDIGARH: Punjab Cabinet Sub-Committee on Disinvestment has approved the pre-qualification of bidders for off-loading PSIDC’s stake in Punjab Alkalies & Chemicals Limited.

“The Cabinet Sub-Committee on Disinvestment has approved the pre-qualification of bidders for the disinvestment in Punjab Alkalies & Chemicals Limited (PACL),” a senior official said here today.

The committee has now asked IFCI Limited for inviting the financial bids from pre-qualified bidders,” he said, adding that global advisors have been asked to invite the financial bids from the pre-qualified bidders.

Expression of Interests were earlier called for selling Punjab State Industrial Development Corporation’s (PSIDC) stake in PACL.

PSIDC has 44.26 per cent stake in PACL with 90.90 lakh equity shares.

Besides PSIDC, other stakeholders in PACL are public, corporate bodies, mutual funds and banks with 55.74 per cent stake.

Earlier also, the Punjab government had decided to sell PSIDC’s stake in PACL.

At one of the occasions when EOIs were invited by Punjab government in 2010, almost 14 companies, including Jai Parkash Associates, Nirma, Grasim Industries, Nectar Lifesciences had evinced interest.

PACL manufactures caustic soda, liquid chlorine, hydrogen and hydrochloric acid with a capacity of 300 tonnes per day.

The company’s products are used in paper industry, vegetable oil, aluminium and textile sectors.