IDBI invites bids for Modi Alkalies
New Delhi: Industrial Development Bank of India (IDBI) has invited bids for takeover, amalgamation or merger of the KN Modi group-promoted sick company, Modi Alkalies and Chemicals Ltd (MACL). IDBI is trying to revive the company in its role as the operating agency appointed by the Board for Industrial and Financial Reconstruction (BIFR).

The company was declared sick on 15 January 2002 by BIFR. Trading in MACL's stock is suspended on all stock exchanges including Mumbai since March 2001. MACL informed the Bombay Stock Exchange that as on 30 June 2003, Indian public holds a 30.41-per cent equity stake in the company. The company's stock was traded at Rs 1.35 per share on the BSE before it was suspended.
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