Andrew Yule, others offload stake in power utility

Kolkata, Nov 20 ( India Power Corp Ltd (IPCL), a consortium comprising Srei Infrastructure and Bhaskar Silicon, was Friday selected for picking up a controlling 57.17 percent stake in power utility DPSC Ltd.

The stake was previously held by state-owned diversified company Andrew Yule along with financial institutions like Life Insurance Corp and United India Insurance Co.

“IPCL bid Rs.710 per share, which adds up to Rs.172 crore for this 57.17 percent,” said Andrew Yule chairman Kallol Datta at a press meet after the bidding process.

Added IPCL director Jyoti Poddar: “We will come out with an open offer to buy an additional 20 percent in DPSC.”