India News | Government Approves Strategic Disinvestment of Central Electronics Ltd.
Get latest articles and stories on India at LatestLY. The Union Government has approved the strategic disinvestment of Central Electronics Ltd.
New Delhi [India], November 30 (ANI): The Union Government has approved the strategic disinvestment of Central Electronics Ltd.
The Cabinet Committee on Economic Affairs (CCEA) empowered Alternative Mechanism (AM) has approved the highest price bid of M/s Nandal Finance and Leasing Pvt Ltd for sale of 100 per cent equity shareholding of GoI in Central Electronics Ltd (CEL)- a CPSE under the Department of Scientific and Industrial Research (DSIR).
Also Read | Sputnik V, Sputnik Light Will Neutralise Latest COVID-19 Variant Omicron, Says RDIF.
The winning bid is for two hundred ten crore sixty thousand rupees, an official release said.
The process for disinvestment of CEL commenced in October 2016 with the 'in-principle' approval of CCEA.
Also Read | Omicron Symptoms: Patients Show Extreme Tiredness, No Major Oxygen Drop.
The release said the entire disinvestment process has been carried out in a transparent manner, with due regard to confidentiality of the bidders, through multi-layered decision making involving Inter-Ministerial Group (IMG), Core Group of Secretaries on Disinvestment (CDG) and the empowered Alternative Mechanism (AM) at the apex ministerial level.
Transaction Adviser, Legal Adviser, Asset Valuer as professionals in their respective fields, have supported the entire process.
The next step will be to issue the Letter of Intent (LoI) and then sign the Share Purchase Agreement following which, the conditions precedent would need to be satisfied by the successful bidder, the company and the Government. It is expected that the transaction will be completed during the current FY 2021-22. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)