Indian co-ownership in Gikil uncertain

Indian co-ownership in Gikil uncertain

It is uncertain when the sale of 15 per cent in Gikil, owned by the coke and chemical complex Lukavac (KHK Lukavac), would take place, although the initial announcement said early 2009.

KHK expects to settle the contributions, severances and back salaries to 250 employees through this sale estimated at BAM 7 million. Once it is announced, a call for tenders will be open for no more than 30 days, the local privatization agency has said.

KHK’s union representative said it is not certain that Indian GSHL, a co-owner in Gikil, would be allowed to bid for the 15 per cent, although everyone was counting on that, because the Indians did not invest BAM 46 million they had committed to invest when they were forming Gikil with KHK.