Govt extends deadline to place bids for PDIL privatisation

The deadline to submit EOIs has been extended to February 28 from January 31, said DIPAM

The Centre has extended the deadline for submitting expression of interest (EOI) by a month to buyout government’s 100 per cent shares in Project and Development India Ltd (PDIL).

The deadline to submit EOIs has been extended to February 28 from January 31 earlier, the Department of Investment and Public Asset Management (DIPAM) said in a notification. The bids by interested parties will be opened on February 28 itself.

PDIL is a public sector undertaking under the administrative control of Department of Fertilizers, Ministry of Chemicals & Fertilizers, and is primarily engaged in providing engineering and consultancy services in design, engineering and related project execution services from concept to commissioning of various projects. 

As of 31st March 2021, PDIL has the paid-up equity share capital of Rs 17.30 crore, revenue and net profit of Rs 129.68 crore and Rs. 19.1 crore, respectively.

As per the conditions laid out in the preliminary information memorandum (PIM) for PDIL privatisation, the interested buyers must have a minimum net worth of Rs 150 crore as on March 31, 2021. A consortium is also allowed to participate to bid if all members meet the minimum net worth criteria. The consortium shall not have more than one lead member--whose net worth must be Rs 60 crore--and should have minimum equity contribution of 40 per cent. Each member of consortium shall have a minimum net worth of Rs 15 crores as on March 31, 2021.