INSUBCONTINENT EXCLUSIVE:
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
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
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.
