HLL Privatisation: After Air India, the Modi government has made all preparations to sell another government company. Very soon the responsibility of HLL Lifecare will be handed over to private companies. Actually, the government is selling its entire stake in HLL Lifecare Limited and now this company will go into private hands under strategic disinvestment.
According to a Live Mint news, Indian conglomerate Adani Group and Piramal Healthcare are in the race to buy public sector pharmaceutical company, HLL Lifecare Limited (HLL). According to the government, the government will soon seek financial bids for HLL Lifecare Limited from bidders including Piramal Group, Adani Group, Apollo Group of Hospitals and Megha Engineering and Infrastructure Limited (Meil).
Process will be based on bids
A senior government official said due diligence is on and the process of selecting the winner will be based on financial bids. According to experts, the transaction advisor is evaluating them and the process (of receiving financial bids) will start soon. Adani Group, Piramal Group have shown their interest to buy HLL.
This process started in December
Let us tell you that on December 14, initial bids were sought for the sale of 100 percent stake of the government in this health sector PSU. The last date for submission of EOI was January 31, which was later extended to February 28 and then March 14. HLL Lifecare is a Public Sector Undertaking under the Ministry of Health and Family Welfare. Let us tell you that this company came into existence on 1 March 1966 as Hindustan Latex Limited. The company's first plant was established in Kerala in 1967. At the same time, on 5 April 1969, the company entered into an agreement with the Japanese company Okamoto Industries. In the year 2009, Hindustan Latex Limited was renamed as HLL Lifecare Limited.
