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Divestment Commission for selling 51% Ircon stake

The Divestment Commission has forwarded yet another report to the government recommending the sale of 51 per cent stake in Ircon International, along with management control.

Ircon International Ltd was formerly known as Indian Railway Construction Co. Ltd.

The revamped commission, in its fourteenth and latest report submitted to the government recently, has said that the majority stake should be offered to a strategic partner through the competitive bidding route.

The report also added that the government should continue to hold 26 per cent stake in the company.

The government currently owns 99.73 per cent stake in the company, which has a paid-up capital of Rs 4.95 crore (Rs 49.5 million) and an employee strength of 1,808.

The report has also recommended that the company should pay back substantial portion of free cash and marketable securities prior to divestment.

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