Centre extends RINL bid deadline

Amaravati: The Central government has extended the deadline till August 17 for merchant bankers and legal advisers to bid for managing strategic sale of Rashtriya Ispat Nigam Ltd (Vizag Steel Plant).

The earlier deadline for submitting bids was July 28, 2021. The Department of Investment and Public Asset Management (DIPAM) had on 7 July, 2021, floated the request for proposal (RFP) for appointing transaction and legal advisers.

The government will appoint one transaction advisor from reputed merchant bankers or consulting firm for providing advisory services to DIPAM and managing the strategic disinvestment of government's stake in RINL, along with RINL's stake in its subsidiaries/joint ventures.

It will also appoint one law firm as legal advisor for facilitating the transaction.

The Cabinet Committee on Economic Affairs (CCEA) on 27 January gave its in-principle approval for 100 percent disinvestment of government stake in RINL, along with RINL's stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation. The government has set disinvestment target of Rs 1.75 lakh crore for FY-22.