Shimla, Aug 31 (IANS) In an effort to tide over its grim financial situation, a state-run Himachal Pradesh food processing company is all set to sell some of its prime land located on the Delhi-Haryana border.
The Himachal Pradesh Horticultural Produce Marketing & Processing Corporation (HPMC) is planning to sell a plot of 13 bigha (about 20,000 sq mt) land located at Kundali for a reported Rs.55 million, a company official said.
HPMC had recently invited tenders to sell the patch of land. Many top private companies, including neighbouring state governments, are learnt to have made a bid.
Sources in HPMC told IANS that a private company had finally bagged the offer some days ago. A final approval would be granted by the state government soon.
A few months ago, HPMC was negotiating a deal with two Himachal-based public companies - the state marketing board and the state civil supplies corporation - for the sale, but they were reportedly not willing to pay more than Rs.20 million.
'In order to fetch higher money we had to invite fresh tenders again,' said C.R.B. Lalit, managing director, HPMC.
Earlier this year, Commerce Minister Jairam Ramesh had suggested that 51 percent of HPMC should be sold to the private sector in order to revive the company, which is well-known for its fruit-based drinks and food products.