Kolkata, Sep 30 (Inditop.com) Duncan Goenka Group is looking for a potential buyer or a joint venture partner for its closed fertiliser unit, a top official said here Wednesday.
The group acquired Duncans Fertiliser Industries Ltd from ICI India in December 1994. It has remained closed since 2005.
“The idea is to sell it off or get a joint venture partner,” G.P. Goenka, chairman of Duncan Goenka Group, told reporters on the sidelines of a press conference.
Goenka said the company was in talks with three potential firms in this regard.
“We are hopeful we will be able to do it (sign a deal) this fiscal,” he said.
The fertiliser unit became sick after the government revised subsidies with retrospective effect from 1997.
The company with a workforce of 424 has an accumulated liability of around Rs.600 crore.
Duncans has two divisions – fertilisers and tea plantations.
