Government extends bidding deadline for RINL stake sale advisors

NEW DELHI:  The government on Friday extended the deadline for transaction advisors to bid for managing RINL privatisation for the second time by 9 days till August 26. The Department of Investment and Public Asset Management (DIPAM) on July 7 floated the Request for Proposal (RFP) for appointing transaction advisors for RINL or Vizag Steel.

The first deadline was July 28, which was extended to August 17 and now till August 26. The Cabinet Committee of Economic Affairs (CCEA) on January 27 gave ‘in-principle approval for 100% disinvestment of government stake in Rashtriya Ispat Nigam Limited (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL’s stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.

The decision comes a day after DIPAM secretary said despite the delay by the second wave of Covid-19, the government will complete its divestment target by March. The government aims to complete the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, Air India, among others, by March 2022.