Division of Funding and Public Asset Administration (DIPAM) secretary, Tuhin Kanta Pandey tweeted, “Monetary bids for strategic disinvestment of Central Electronics Ltd (CEL) obtained by Transaction Adviser. The method now strikes to concluding stage.”
The federal government will promote its full stake within the agency together with administration management. As per the Preliminary Info Memorandum (PIM) of CEL launched by DIPAM, bidders (which might additionally embrace workers of CEL) should have a minimal internet value of Rs 50 crore as on March 2019. Resurgent India Restricted is the advisor to the Transaction.
Pandey in an interview to ET on Saturday stated the division has a heavy-duty agenda for this quarter, with monetary bids deliberate for a number of PSEs. “We have now 6-7 transactions happening in parallel. My agenda is sort of heavy for this quarter. I do not know what is going to mature sooner as a result of the due diligence is just not the identical for everybody.”