Govt extends bidding deadline for transaction for RINL till Aug 17

The government on Tuesday extended the deadline till August 17 for merchant bankers and legal advisors to bid for managing strategic sale of RINL.

The earlier deadline for submitting bids was July 28.

The Department of Investment and Public Asset Management (DIPAM) had on July 7 floated the Request for Proposal (RFP) for appointing transaction and legal advisors.

The government would 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 would also appoint one law firm as legal advisor for facilitating the transaction.

The Cabinet Committee on Economic Affairs (CCEA) on January 27 gave its 'in-principle' approval for 100 per cent disinvestment of government stake in Rashtriya Ispat Nigam Ltd (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 current fiscal year.

As part of the privatisation strategy, the government aims to complete strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, Air India among others, by March 2022.