Govt gets financial bids for Central Electronics after Air India deal

The govt seeks to disinvest its 100% shareholding in the PSU, buyer to observe three-year lock in

Following the successful completion of the Air India sale, the government has now received financial bids for strategic divestment of Central Electronics Ltd, taking the privatisation process of the public sector undertaking (PSU) to the concluding stage.

Financial bids for strategic disinvestment of Central Electronics Ltd (CEL) were received by Transaction Adviser, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet.

The government is looking to disinvest its 100 per cent shareholding in the PSU under the administrative control of the Ministry of Science and Technology. The criteria for the interested buyer of CEL was to have a minimum net worth of Rs 50 crore as on March 31, 2019. The buyer will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL.