Bloomberg News

Citigroup, Goldman Among Banks Vying for Bharat Heavy Sale

July 17, 2011

(Updates to add names of banks in second paragraph.)

July 16 (Bloomberg) -- Citigroup Inc. and Goldman Sachs Group Inc. are among 17 financial companies competing to manage a share sale for Bharat Heavy Electricals Ltd. that may raise 47 billion rupees ($1 billion).

Morgan Stanley, Deutsche Bank AG, UBS AG, Royal Bank of Scotland Group Plc and SBI Capital Markets Ltd. are also seeking the mandate for the sale of a 5 percent stake in India’s biggest power equipment maker, according to a statement on the nation’s department of disinvestment’s website. The banks will make presentations July 18 and 19.

Bharat Heavy may follow Power Finance Corp. as the second state-run company in which the government is selling shares for the year that began April 1. India plans to raise 400 billion rupees selling assets in companies including Oil and Natural Gas Corp. and Steel Authority of India Ltd.

Bharat Heavy has lost 17 percent this year, compared with a 9.5 percent decline in the benchmark Sensitive Index. The shares fell 0.1 percent to 1,929.25 rupees at the 3:30 p.m. close in Mumbai yesterday.

--Editors: Jim McDonald

To contact the reporters on this story: Ruth David in Mumbai at rdavid9@bloomberg.net Abhishek Shanker in Mumbai at ashanker1@bloomberg.net

To contact the editors responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net Paul Tighe at ptighe@bloomberg.net


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