- The previous last date for submitting bids was 16th March 2020
- According to the Preliminary Information Memorandum issued, the selected bidder will have to lock its shares for three years
The government of India has extended the deadline for submitting bids for solar products manufacturing unit Central Electronics Ltd (CEL) to 16th April 2020 due to the situation created by Coronavirus pandemic. In February, the Department of Investment and Public Asset Management (DIPAM) had issued an Expression of Interest (EoI) inviting global bids to sell the government’s entire 100 percent stake in CEL. The previous last date for submitting bids was 16th March 2020.
CEL was established in 1974 with an objective to commercially exploit indigenous technologies developed by National Laboratories and Research and Development institutions in the country. It’s paid-up capital is Rs 69.22 crore and net worth is Rs 75.99 crore as on 31st March 2019.
Minimum net worth of Rs 50 crore
According to the Preliminary Information Memorandum issued, the selected bidder will have to lock its shares for three years. During this time, it cannot sell its stake in Central Electronics Ltd (CEL). The interested bidders (can include employees of CEL) must have a minimum net worth of Rs 50 crore as of March 2019. Resurgent India Limited is the advisor to the Transaction.
