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Maruti rights issue by March; 6 global advisers in race

Six firms, including Goldman Sachs, are in the fray for appointment as global advisors for divestment of Maruti Udyog slated for this fiscal.

"Merrill Lynch, Goldman Sachs and Lazard Capital are among the six contenders for appointment as global advisors for MUL," divestment secretary Pradip Baijal told reporters on the sidelines of Economic Editors' Conference, in New Delhi.

Baijal said government would finalise appointment of global advisors by the end of next week and announced that preferential capital issue would be completed by March.

"We hope to complete the preferential right issue by March, 2002 to be followed by a public offering," he said.

The government has shortlisted six contenders for appointment as valuers for MUL of which two international and one Indian firm will be selected.

The three Indian chartered accountancy firms in the fray are Bansi Mehta and Co, S B Billimoria and CO and C C Choksi and Co.

KPMG, Ernst and Young and Arthur Anderson are the international contenders.

Baijal also said three valuers would be selected jointly by government and Suzuki Corporation as opposed to an earlier decision to allow partners to select one valuer each while the third one would be selected mutually.

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