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June 9, 2001
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Money > Business Headlines > Report June 9, 2001 |
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Balco valuation to include Korba plant: DoDBS Economy Bureau The department of divestment has clarified that the asset valuation exercise in Bharat Aluminium Company includes the valuation of the captive power plant at Korba, the present market value of which, including the cost of its land and buildings is estimated at over Rs 3.87 billion. Similarly, the present market value of the cold rolling mill project has been estimated at Rs 1.53 billion. In a statement released in response to articles on the comptroller and auditor general's office asking the DoD for clarifications on certain aspects of the deal, it has stated that the process of auditing the deal commenced in March itself. The audit team has sought, among other things, clarifications on the valuation report prepared by JP Morgan as well as the asset valuation report prepared by PV Rao, Sanjeev Aggarwal and the Indian Bureau of Mines. The Balco plant is based on outdated technology and the present market value of fixed assets has been estimated keeping in mind all relevant factors like the replacement cost, age and technology, quality of maintenance and residual life, the release stated. The valuation report of the bauxite mines has been prepared by personnel of the technical consultance division of the Indian Bureau of Mines. All these reports are part of the asset valuers report which has already been made available to the CAG. Powered by YOU MAY ALSO WANT TO READ:
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