NEW DELHI, MAY 26: The Board for Industrial and Financial Reconstruction (BIFR) has directed ICICI Ltd to invite bids for the sale of Hindustan Fertiliser Corporation's (HFC) Barauni and Durgapur units.ICICI will keep the sale proceeds in an escrow account that will be used for the payment of creditors' and workers' dues."Funds for the modernisation or rehabiliation of the company will have to be provided by the incoming promoters, who will need to convince the bench that they are in a position to revive the concerned unit," the board said.The bench also said that the workers' union could also form unit-wise cooperative societies and bid for taking over their respective units.It directed the corporation to submit a detailed unit-wise statement of the unit's assets and liabilities.
