IANS reported that public sector heavy engineering firm Andrew Yule will complete its disinvestment in Phoenix Yule Limited its engineering and electrical units and Dishergarh Power by the end of this fiscal.

Mr Kallol Datta CMD of Andrew Yule on the sidelines of the annual general meeting said that “PricewaterhouseCoopers is advising us on the valuation of our stake in Phoenix Yule. For our electrical and engineering divisions, the assets and liabilities are being audited.”

Mr Datta expects to complete the disinvestment of the company’s 15% stake in Dishergarh Power by October and the sale of its 26% stake in Phoenix Yule to Phoenix AG of Germany by December. The German firm owns 74% in Phoenix Yule.

The disinvestment process at Dishergarh Power is at an advanced stage with Coal India Limited, TATA Power and Reliance Power Limited reportedly showing interest. This divestment process is part of Andrew Yule’s revival strategy. Insurance companies jointly owning 24% stake in Dishergarh are also participating in the stake sale process.

Meanwhile, Andrew Yule after a gap of seven years has posted a profit of INR 86 million for the fiscal 2007-08 on gross sales of INR 1.84 billion as compared to a loss of INR 900 million on gross sales of INR 1.47 billion in 2006-07.