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ERNST & YOUNG TO WRAP UP DISINVESTMENT OF INDIA'S STC IN 7 MTHS.
AsiaPulse News, February, 2002
NEW DELHI, Feb 8 Asia Pulse - Ernst and Young, global advisors for disinvestment of State Trading Corporation (STC), have been given 30 weeks to complete the process and ensure that the trading house is privatised by the next fiscal.
"Government intends to sell off its 91 per cent stake in STC by middle of 2002-03. Ernst and Young has being asked to complete the disinvestment process including due diligence, bidding and evaluation in a little over seven months," official sources told PTI here.
As a prelude to the disinvestment, STC had already undergone capital restructuring under which it has transferred Rs 400 million (US$8.2 million) out of its reserves of around Rs 4 billion to the Government.
Sources said STC would transfer an additional...
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