Federal government has actually cleared sale of its whole stake in Central Electronics LimitedGovernment has actually cleared sale of its entire 100 per cent stake in Central Electronic devices Limited (CEL), a state-owned engineering company, to Nandal Financing and Leasing Private Limited for Rs 210 crore, a statement provided by the finance ministry stated on Monday.The winning bid of Rs 210,00,60000 was put by Nandal Financing and Leasing Private Limited, the federal government said.Government's stake sale in CEL was cleared by the Cabinet Committee on Economic Affairs (CCEA) empowered alternative system, which consists of Union Ministers Nirmala Sitharaman, Nitin Gadkari and Jitendra Singh, the declaration added.The winning quote of Nandal Finance was above the reserve rate of Rs 194 crore fixed for the strategic sale.
The entire disinvestment procedure has actually been performed in a transparent manner, with due regard to privacy of the bidders, through multi-layered choice making involving the inter-ministerial group (IMG), core group of secretaries on disinvestment (CDG) and the empowered alternative mechanism (AM) at the pinnacle Ministerial level.The federal government even more stated that it expects the deal to be finished throughout the existing financial, i.e.
2021-22.
Remarkably, the disinvestment procedure for CEL had actually started in October 2016.
Nevertheless, no monetary bids were received in the initial effort to offer the company.A restored disinvestment procedure then was initiated in February last year, main sources stated.