Andrew Yule

Kolkata, Aug 14 (UNI) Andrew Yule&Company Ltd, a public sector enterprise under the Ministry of Heavy Industries&Public Enterprises, notched up a profit of Rs 8.61 crore on gross sales of 184.40 crore in FY 07-08, with a turnover of Rs 1,353 crore.

Informing this to newspersons here, Andrew Yule Chairman and Managing Director(CMD) Kallol Datta said the company posted profit after a gap of almost seven years, adding the firm suffered a loss of Rs 90.11 crore with a turnover of Rs 146.68 crore in FY 06-07.

The Profit Before Tax (PBT) of the company for the previous fiscal was Rs 91 crore.

The company had been on the course of a revival path with implementation of rehabilitation scheme, which included sale of its strategic holdings in its associate companies like DPSC Ltd (DPSCL), Phoenix Yule Ltd (PYL) and Tide Water Oil Co Ltd (TWOL). '' The divestment in the all the three firms would be completed by this fiscal,'' Mr Datta informed.

Andrew Yule and its group companies would sell its 15 per cent shares in DPSCL, along with insurance companies who had also agreed to sell their 42 per cent holdings in DPSCL. The CMD said Deloitte and Touche had been appointed for the purpose and a board appointed comittee was monitoring the divestment process.

The stake sale in DPSCL would take place through an open tender route and advertisement for expression of interest (EOI) had been published on August 8, which would be closed on September 9. '' The response has been encouraging and power majors like Tata Power, Reliance Energy, DLF and CESC have shown their interest,'' Mr Datta said.

In PYL, Andrew Yule has a shareholding of 26 per cent, the CMD said adding the German partner would be given the first right of refusal and an inter-ministerial group (IMG) was monitoring the process of disinvestment.

On the other hand, for TWOL, the process of sale of 26 per cent equity holding by Andrew Yule along with 14 per cent of the financial institutions has been initiated.

'' The process of disinvestments in TWOL will also be done through an open tendering route and will be monitored by a separate comittee appointed by the board,'' Mr Datta informed.

UNI SB KK DB1807