Economy

Govt receives financial bids for stake in Central Electronics

After Air India, the stage is ready for strategic sale of state-run Central Electronics Ltd (CEL). The federal government on Tuesday obtained monetary bids for its stake within the entity. CEL is a pioneer within the nation within the area of Solar Photovoltaic (SPV) with the excellence of getting developed India’s first Photo voltaic cell in 1977 and first Photo voltaic panel in 1978 in addition to commissioning India’s first photo voltaic plant in 1992.

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.”


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