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Govt sells 72% in Jessop to Ruia Coatex

The government on Wednesday sold a 72 per cent stake in state-run loss making heavy engineering firm Jessop and Co Ltd to Ruia Coatex Ltd for Rs 181 million.

The government also sold a 26 per cent stake in bread maker Modern Foods Ltd to Hindustan Lever Ltd, the country's largest food and personal care products firm, for Rs 440 million, Privatisation Minister Arun Shourie told reporters.

He said the government would invite price bids for a stake sale in state-run metals firm Hindustan Zinc Ltd by the middle of March. The government owns 75.92 per cent of Hindustan Zinc.

Shourie told reporters the cabinet committee on divestment could only recommend Jessop's privatisation because the firm was referred to the Board of Industrial and Financial Reconstruction. But a nod from the BIFR was only a procedural formality, Shourie said.

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