Confirming this, NGEF managing director Vijay N Gore told The Financial Express that four companies had already picked up the bid documents after paying the required fee.

Gore, however, parried questions as to whether any foreign firms were in the fray. ``A few overseas parties have expressed interests and informed us that they would get back to us shortly. However, I am not in a position to furnish detais of other companies on grounds of confidentiality at this point of time,'' he added.

Among the firms those who have shown interest are the Bangalore-based Kirloskar Electric Company Ltd. The Kirloskars are one of the few who have expressed desire to take over the company in entirety. Hiving off the various divisions step by step to interested parties is another option that NGEF is looking at, Gore said.

If the Kirloskar bid comesthrough, it will be a great succour for the NGEF employees as they can be absorbed en masse. Efforts to contact Kirloskar Electrical officials were not fruitful as the company is currently in the midst of a labour strife.

NGEF, which is under the purview of BIFR, was also planning to sell the entire stake in its wholly-owned subsidiary - NGEF (Hubli) Ltd for a prospective buyer as a running concern. It is learnt that an American firm has already initiated talks with NGEF management for the purpose.

Refuting charges that the Industrial Development Bank of India (IDBI) has been pressurising the company to repay the term loans, Gore said: ``We have made an offer for one-time settlement to the financial institution and it is under their active consideration.''

Elektro Holding Gesellschaft GmbH of Germany, a subsidiary of Daimler-Benz Industrie holds 9.72 per cent in NGEF, while the Karnataka government has the remaining equity stake. The company's share capital stands at Rs 46.51 crore.