Indian Govt Ready to Divest TCIL
India’s Department of Disinvestment has begun the process of completely divesting the government's stake in the Tyre Corporation of India (TCIL), the first outright sale of a public sector company to take place in India since 2003-04. The Economic Times comments that, should all go to plan, the divestment should be complete this year. Commenting to the financial daily, the chairman of the Board for Reconstruction of Public Sector Enterprises, Dr. Nitish Sengupta, said that TCIL’s balance sheets have now “been cleaned up” and the board has advised the disinvestment department “to proceed with their sale on an ongoing concern basis.” Sengupta added that many bidders may find the tyre enterprise attractive on the basis of its land assets alone.