Govt extends Central Electronics bid deadline to May 16

The government has extended the deadline to bid for Central Electronics Ltd (CEL) by a month to May 16 on account of the situation arising due to the coronavirus outbreak.

On February 3, the Department of Investment and Public Asset Management (DIPAM) came out with an expression of interest inviting global bids for sale of 100 per cent government stake in CEL.

The last date for bid was March 16, which was extended to April 16.

The DIPAM has now extended the bid submission deadline till May 16 citing "situation related to COVID-19".

CEL, under the Ministry of Science and Technology, was established in 1974 with an objective to commercially exploit indigenous technologies developed by national laboratories and research and development (R&D) institutions in the country. The company had manufactured India's first solar cell in 1977 and first solar panel in 1978 and commissioned India's first solar plant in 1992.

As on March 31, 2019, CEL's paid-up capital had stood at Rs 69.22 crore and net worth was Rs 75.99 crore.

Investors bidding for CEL would be required to have a minimum net worth of Rs 50 crore as on March 31, 2019.

The government has already extended the deadline to bid for oil refiner BPCL to June 13 from May 2 following requests from bidders, amid the situation arising out of COVID-19.

There are also discussions to extend the April 30 deadline for putting in bids for debt-ridden national carrier Air India.

For the financial year 2020-21, the Budget has pegged disinvestment proceeds at Rs 2.10 lakh crore. This includes Rs 1.20 lakh crore from CPSE share sale and Rs 90,000 crore from share sale in public sector banks and financial institutions, including listing of insurance behemoth LIC.