The government on Monday said it has received multiple preliminary bids for HLL Lifecare. “Multiple expressions of interest received for privatization of HLL Lifecare Limited (HLL). The transaction moves ahead to the next stage,” DIPAM Secretary Tuhin Kanta Pandey tweeted.

Now, the due diligence process will start, following which financial bids will be put in by interested bidders.

The last date for putting in preliminary bids was March 14.

The Department of Investment and Public Asset Management (DIPAM) had initially on December 14 invited preliminary bids for selling the government’s 100 per cent stake in the health sector CPSE.

The last date for submitting expression of interest (EoI) was January 31. This was later extended till February 28 and further to March 14.

HLL, a CPSE under Ministry of Health and Family Welfare, is involved in manufacturing and marketing of a range of contraceptives, women’s healthcare products, hospital supplies as well as other pharmaceutical products.

HLL is also engaged in providing healthcare and diagnostic services, consultancy and contract services for healthcare infrastructure projects.

It also provides consultancy services for procurement of medical equipment and devices in the healthcare sector and caters to both domestic and international markets.

As of March 31, 2021, HLL’s authorised capital was Rs 300 crore and its paid-up share capital was Rs 15.53 crore.

The strategic sale of HLL Lifecare is expected in next fiscal year beginning April 1.

The government has set a disinvestment target of Rs 65,000 crore for 2022-23, down from Rs 78,000 crore estimated to be garnered in the ongoing fiscal year ending March 31.