Government has approved the sale of its entire stake in Central Electronics Limited
The government has approved the sale of its entire 100 per cent stake in Central Electronics Limited (CEL) to Nandal Finance and Leasing Private Limited for Rs 210 crore, a statement issued by the Finance Ministry said on Monday.
Sarkar said, “The winning bid of Rs 210,00,60000” was placed by Nandal Finance & Leasing Pvt Ltd.
The government’s stake sale in CEL was approved by an alternate mechanism authorized by the Cabinet Committee on Economic Affairs (CCEA), which includes Union ministers Nirmala Sitharaman, Nitin Gadkari and Jitendra Singh, the statement said.
Nandal Finance’s winning bid was higher than the reserve price of Rs 194 crore set for the strategic sale.
“The entire disinvestment process has been done in a transparent manner with regard to the confidentiality of the bidders, through Inter-Ministerial Group (IMG), Core Group of Secretaries on Disinvestment (CDG) and multi-level decision making. Empowered Alternative Mechanism at the Apex Ministerial level ( AM).
The government further said that it expects the transaction to be completed during the current financial year i.e. 2021-22.
Interestingly, the disinvestment process for CEL began in October 2016. However, no financial bid was received in the initial attempt to sell the company.
Official sources said a fresh disinvestment process was started in February last year.
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