Government Okays 100% Stake Sale In Central Electronics Limited

Government has cleared sale of its complete 100 per cent stake in Central Electronics Limited (CEL), a state-owned engineering firm, to Nandal Finance and Leasing Private Limited for Rs 210 crore, an announcement issued by the finance ministry mentioned on Monday.The "winning bid of Rs 210,00,60000" was positioned by Nandal Finance and Leasing Private Limited, the federal government mentioned.Government's stake sale in CEL was cleared by the Cabinet Committee on Economic Affairs (CCEA) empowered different mechanism, which contains of Union Ministers Nirmala Sitharaman, Nitin Gadkari and Jitendra Singh, the assertion added.The profitable bid of Nandal Finance was above the reserve value of Rs 194 crore mounted for the strategic sale."The complete disinvestment course of has been carried out in a clear method, with due regard to confidentiality of the bidders, by multi-layered resolution making involving the inter-ministerial group (IMG), core group of secretaries on disinvestment (CDG) and the empowered different mechanism (AM) on the apex Ministerial degree.The authorities additional mentioned that it expects the transaction to be accomplished in the course of the present fiscal, i.e. 2021-22.Interestingly, the disinvestment course of for CEL had begun in October 2016. However, no monetary bids had been obtained within the preliminary try and promote the corporate.A renewed disinvestment course of then was initiated in February final yr, official sources mentioned.