Government Of India Sells Central Electronics to Nandal Finance And Leasing for Rs 210 Cr.
A group of ministers has approved a bid worth 210 million rupees to buy the electronics company. They are Nirmala Sitharaman, Nitin Gadirni, and Jitendra Singh. Central Electronics is a place run by the government.
To make the company private, the government started in 2016 with an in-principle approval. They tried to sell it in 2019, but nobody wanted to buy it. So they tried again this year and published a preliminary information memorandum and a request for expressions of interest.
The people who bid for the deal won. The government received bids from two companies: Nandal Finance and Leasing Pvt. Ltd, and JPM Industries Ltd. They offered ₹194 crores and ₹210 crores, respectively.
The disinvestment process has been done so that people’s privacy is taken care of, and the government says this. This is a letter of intent. If the two parties agree, they will sign the share purchase agreement. The deal will be done by FY22.
The government is doing something to stop being in business for companies. It is selling some of its businesses. The process is almost done for Air India and Air India Express, state-owned.
The government has chosen Talace Pvt. Ltd., a company set up by the Tata Group, to buy Air India. Besides Central Electronics, Dipam is buying other companies. These include Project & Development India Ltd, Engineering Project (India) Ltd, Bridge and Roof Co. India Ltd, and BEML Ltd. The government said this.
The ministries are processing the sales of stakes in different units of India Tourism Development Corp. Ltd, Hindustan Antibiotics Ltd, and Bengal Chemicals & Pharmaceuticals Ltd.
However, the Hindustan Newsprint Ltd. and Karnataka Antibiotics & Pharmaceuticals Ltd. cases hold up transactions. The government has set a goal of ₹1.75 trillion for this year. They are preparing to sell shares in the Life Insurance Corporation of India.
I hope you have liked our post which is related to the Government Of India Sells Central Electronics to Nandal Finance And Leasing for Rs 210 Cr. and Nandal Finance & Leasing Pvt.Ltd if you have any doubts related to it then comment below to let us know.