Companies

Govt invites bids for outright sale of CEL

PTI New Delhi | Updated on September 07, 2018 Published on September 07, 2018

The government today invited bids for sale of 100 per cent stake in Central Electronics Ltd (CEL).

The department of Investment and Public Asset Management (DIPAM) has invited Expression of Interest (EoI) from interested bidders having minimum net worth of Rs 50 crore as on March 31, 2018.

The last date for submission of bids is October 21, 2018, as per the EoI floated by DIPAM.

The government had last year cleared a proposal for 100 per cent stake sale in CEL through strategic sale with transfer of management control.

Incorporated in 1974, CEL is under the administrative control of Ministry of Science and Technology. The CPSE is wholly owned by the government and had a net worth of Rs 50.34 crore as on March 2017.

The government has budgeted to raise Rs 80,000 crore in 2018-19 from minority stake sale in CPSEs and strategic sale. So far this fiscal, over Rs 9,220 crore has been raised by divesting stake in state-run companies.

Published on September 07, 2018
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