Govt gets multiple expressions of interest for privatisation of PDIL

The government has received multiple expressions of interest for privatisation of Projects & Development India Ltd (PDIL), DIPAM Secretary Tuhin Kanta Pandey said on Thursday.

The Department of Investment and Public Asset Management (DIPAM) had on December 14 invited preliminary bids for selling the government's 100 per cent stake in the CPSE which is under Ministry of Chemicals and Fertilisers. The last date for submitting expressions of interest (EoIs) was January 31, which was later extended till February 28.

"Multiple expressions of interest received for privatisation of Projects & Development India Limited (PDIL). The transaction moves ahead to the next stage," Pandey tweeted.

As of March 31, 2021, PDIL has paid-up equity share capital of Rs 17.30 crore, revenue of Rs 129.68 crore and net profit of Rs 19.07 crore.

Incorporated on March 7, 1978, the company provides engineering and consultancy services in design engineering, from concept to commissioning of various projects.

The government has appointed Resurgent India Ltd as its transaction adviser to advise and manage the strategic disinvestment process.

The strategic sale of PDIL is expected to be completed in the next fiscal year (April 2022-March 2023).

In the current fiscal year, the government has mopped up Rs 12,423 crore from PSU disinvestment and strategic sale of Air India.