Government In All Selling Mode As ‘Central Electronics’ Join BPCL, Air India In Privatization Road

The central government looks in an all sell mode. After BPCL and Air India its time for Central Electronics Ltd (CEL) to be privatized. The government has decided to sell its 100 percent stake with management control in the Central Public Sector Enterprise (CPSE).

The Expression of Interest for the same is invited by March 16. Bidders would be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL. This is a part of the government’s Strategic Disinvestment informed DIPAM, the Disinvestment Department.

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The selling of BPCL, then Air India and now CEL is because the government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal.

Bidders are required to have a minimum net worth of Rs 50 crore as of March 2019. DIPAM has released a complete invitation Preliminary Information Memorandum (PIM) of CEL. CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India’s first Solar cell in 1977 and the first Solar panel in 1978 as well as commissioning India’s first solar plant in 1992.

Also Read: Around 17 Crore PAN Cards May Soon Become Useless Piece Of Plastic

Recently in the budget speech, the finance minister announced that the government would be selling stakes in LIC. The selling of stakes in LIC would be the first time since independence by any government.

Inputs from Livemint

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