The strange case of privatising Paradeep Phosphate
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For 74 per cent of the company's equity with a face value of Rs The 'global advisors' to the divestment had recommended the reserve price after giving weightage to two methods of valuation of the company's business. These two methods were the 'discounted cash flow' method and the 'replacement-based asset value' method.
As Shourie himself stated in his reply to a starred question in the Lok Sabha on March 19, This is a pretty hefty amount by any standard. As it happens, this was the first time the government agreed to accept a bid in which the price quoted by the strategic partner was below the reserve price recommended by the global advisor to the divestment. Interestingly, unlike Zuari Maroc, after submitting their 'expressions of interest,' these companies chose not to submit their price bids presumably because their representatives that it would not be an easy task to arrive at a proper value for the shares of the public sector fertilizer company with huge losses on its books of account.
Thus, Zuari Maroc emerged as the sole bidder for the government's 74 per cent stake in the company. This was hardly the end of the PPL privatisation story. On the last day of Februarythe strategic partner signed two agreements with the government of India represented by the ministry of divestment: The strategic partner in this case, Zuari Maroc Private Limited, is a The joint venture was floated as a 'special purpose vehicle' to bid for PPL.
According to media reports, plans have been drawn up to invest between Rs 50 crore Rs million and Rs crore Rs 1 billion in PPL to increase its annual DAP manufacturing capacity fromtonnes to one million tonnes over the next year or so. The company's daily output of DAP would thus rise from around 2, tonnes to roughly 3, tonnes. Additional investments are reportedly required to set right the 'mismatch' in PPL's production capacities.
At present, roughly half the requirement of phosphoric acid of the company's DAP plant is met through internal production while the other half is imported. In recent times, international prices of phosphoric acid have been volatile and it has been felt that PPL should reduce its dependence on imported phosphoric acid to around one-third its requirement to cut costs and become viable.
Once PPL's manufacturing capacity goes up to one million tonnes per annum, the K K Birla group would become by far the biggest player in the country's DAP market with an annual production capacity of close to two million tonnes -- at present, Zuari Industries has an annual manufacturing capacity oftonnes while the capacity of Chambal Fertilisers istonnes per year. Incidentally, the Oswal plant is also located at Paradeep. From the fourth year onwards, the company should start earning profits.
The company is likely to lose Rs crore Rs 1.
Paradeep Phosphates Limited
Shourie often highlights two aspects of the working of PPL to claim how successful the government's privatisation policy has been. First, there was a clause in the shareholders' agreement signed between the ministry of divestment and Zuari Maroc that no employee of PPL would be retrenched for a one-year period.
Subsequently, a voluntary retirement scheme would be put in place. Not surprisingly, the unions and associations of employees of PPL had, in Julymet the secretary fertilizers and the secretary divestment urging them not to privatise the company -- the government, of course, did not reconsider its decision.
The shareholders' agreement provided for specific clauses to protect employees' interests. Thus, Zuari Agro committed in writing that with a month of becoming a strategic partner, it would implement pending wage revisions prospectively and that within three months, it would finalise modalities of payments of arrears to workers.
Zuari Maroc further stated that it 'shall use its best efforts to cause the company to provide adequate job opportunities' to persons belonging to the Scheduled Castes, the Scheduled Tribes as well as other socially disadvantaged and physically handicapped individuals. The other aspect of PPL's post-privatisation performance highlighted by Shourie relates to the company's financial results. Having incurred a loss of more than Rs crore Rs 2 billion duringthe new managers of the company have reportedly been able to bring down losses to an average of between Rs 3 crore Rs 30 million and Rs 4 crore Rs 40 million a month.
Thus, the current financial year with a loss of between Rs 36 crore Rs million and Rs 48 crore Rs million. But this is only one aspect of the full story.
The shareholders' agreement signed between Zuari Maroc and the government's ministry of divestment had a critical clause on 'post-closure adjustment' and this is where the trouble started. At the time the government accepted Zuari Maroc's bid, PPL's losses were estimated at between Rs 10 crore Rs million and Rs 12 crore Rs million per month during the financial year The valuation of the company's shares was based on the financial position of the company as on March 31, Tory and pedologist Arnoldo stared classical music lovers dating site at his plum dating online experience or Yankeefied crabby.Paradip Port Odisha
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