Andrew Yule repays Rs.65.26 crore government loan
By IANSWednesday, February 3, 2010
KOLKATA - State-owned diversified company Andrew Yule & Company Ltd (AYCL) Wednesday repaid the remaining Rs.65.26 crore government loan following disinvestments of Phoenix Yule Ltd and DPSC Ltd, a company statement said here.
“The company had already repaid part of the loan to the government of India. The balance amount of Rs.65.26 crore was today handed over to Finance Minister Pranab Mukherjee by Vilasrao Deshmukh, minister of heavy industries and public enterprises.
“With this the entire released amount of Rs.73.76 crores has been repaid by the AYCL,” it said.
“Andrew Yule has completed the disinvestment in Phoenix Yule Ltd, DPSC Ltd following the government procedures and the directive given by the high court at Kolkata and received Rs.108.50 crore in the process,” it added.
India Power Corporation Limited (IPCL), a consortium of Srei Infrastructure and Bhaskar Silicon, was selected as successful bidder for 57.17 percent stake in power utility DPSC Ltd in November 2009 that was previously held by Andrew Yule and a clutch of other financial institutions.
The government in October 2009 approved selling of the entire 26 per cent stake held by AYCL in Phoenix Yule for Rs.62.82 crore to Continental ContiTech.
