Deadline for RINL bid Extended
Hyderabad, July 28 (Maxim news): The Central government has extended the deadline till August 17 for merchant bankers and legal advisors to bid for managing strategic sale of Rashtriya Ispat Nigam (RINL). The earlier deadline for submitting bids was 28 July 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 advisors.
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 2021 gave its in-principle approval for 100 percent disinvestment of government stake in RINL, also called Visakhapatnam Steel Plant or Vizag Steel, 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 FY22.
As part of the privatisation strategy, the government aims to complete strategic sale of the Bharat Petroleum Corporation (BPCL), the Shipping Corporation, the Container Corporation, Neelachal Ispat Nigam, Pawan Hans, Air India, among others, by March 2022. (Maxim News)