Government approves sale of 100% stake in Central Electronics for Rs 210 crore.
- ByStartupStory | November 30, 2021
The Central government of India has approved the sale of the 100 percent stake in Central Electronics Ltd (CEL) to Nandan Finance and Leasing Pvt Ltd for a sum of Rs210 crore. The winning bid of Rs 210,00,60000 was placed by Nandan Finance to buy the state-owned engineering company. Shortly, a press release confirmed the sale of 100 percent equity shareholding in CEL to Nandal Finance was approved by the Cabinet Committee on Economic Affairs (CCEA)-empowered Alternative Mechanism, which comprises Union Ministers Nirmala Sitharaman, Nitin Gadkari and Jitendra Singh.
The Finance Ministry in a statement stated, “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 Value as professionals in their respective fields, have supported the entire process,”
The project commenced in October 2016, received no financial bids from private players to buy the PSU. However, the renewed disinvestment was again initiated in February of last year. The government also said that it expects the transaction to be completed during the financial year 2021-22.
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