The government of India is seeking monetary bids for HLL Lifecare Ltd from bidders such as the Piramal Group, Adani Group, Apollo Group of Hospitals, and Megha Engineering and Infrastructures Ltd (Meil).
Senior government officials said due diligence was underway and the process of selecting a winner was based on monetary bidding. "The company has submitted a statement of interest. Trading advisors are evaluating them and the process (to seek a monetary offer) is about to begin,” officials further added.
The government launched a strategic sale of HLL in December 2021, extended it until March 14 this year, and then set a deadline for expressing interest.
Based in Thiruvananthapuram, HLL is a manufacturer of Moods condoms and Happy Days sanitary napkins, also manufacturing hydration salts, blood transfusion equipment, wound care products, blood banking equipment, and neonatal care equipment, surgical and healthcare products. The authorized capital of HLL as of 31 March 2021 was ₹300 crore, and its paid-up share capital was ₹15.53 crore.