CHANDIGARH: Punjab Alkalies & Chemicals Limited (PACL) today said consulting firm IFCI Limited has been appointed as global advisor for pesting state owned PSIDC’s 44.26 per cent stake in it.

“IFCI limited has been appointed as global advisor to carry out disinvestment process. We are hoping that by the end of this year, this process will be completed,” PACL, MD, J S Kahlon said here.

The decision was taken by Directorate of Public Enterprise and Divestment, Punjab.

Punjab State Industrial Development Corporation (PSIDC) has 44.26 per cent stake in PACL with 90.90 lakh equity shares. Its share price today rose by over Rs 2 to Rs 21.10 a share.

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

Last September, Punjab government had decided to sell PSIDC stake in PACL.

Punjab government has been waiting to get the right price before pesting its stake in PACL.

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

The company is engaged in the manufacturing of caustic soda, liquid chlorine, hydrogen and hydrochloric acid with capacity of 300 Tonne Per Day.

The product produced by the company is used in paper industry, vegetable oil, aluminium and textile sectors.

PACL clocked net sales of Rs 285.59 crore as on March 31, 2013 as against sales of Rs 236.18 crore in corresponding period of last year. The company’s net profit stood at Rs 2.81 crore in last fiscal, lower than that of Rs 4.39 crore reported in 2011-12.