Centre shortlists bidders for RINL sale

The shortlisted bidders will present their technical proposals before the selection committee on September 30.

Published: 25th September 2021 08:35 AM  |   Last Updated: 25th September 2021 08:35 AM   |  A+A-

Ukku leaders release a poster ahead of the bandh call on Monday in Vizag I Express

By Express News Service

VISAKHAPATNAM: Notwithstanding the ongoing agitation by Visakha Ukku Parirakshana Porata Committee and the opposition by many non-BJP parties, the Centre is going ahead with its plan for 100 per cent strategic disinvestment of RINL, the corporate entity of Visakhapatnam Steel Plant. 

According to finance under-secretary Rajesh Kumar, DIPAM received seven bids for legal advisor and five for transaction advisor. While five bids were shortlisted for legal advisor, all the five bids filed for transaction advisor have been shortlisted during the pre-qualification meeting of bids. The shortlisted bidders will present their technical proposals before the selection committee on September 30.

Union Finance Ministry’s Department of Investment and Public Asset Management (DIPAM), which had issued notifications inviting bids for the appointment of transaction and legal advisors to facilitate seamless disinvestment, has extended the deadline at least three times. 

DIPAM issued separate notifications seeking request for proposal (RFP) for the engagement of a legal advisor and a transaction advisor for the strategic disinvestment of RINL and its stake in its subsidiaries and joint ventures on July 7. Initially, the deadline was extended till August 17. Subsequently, it was further extended to August 26.

The shortlisted bidders for legal advisor are Chandhiol and Mahajan, New Delhi, Economic Laws Practice (ELP), J Sagar Associates, Gurugram, Kochhar and Company, New Delhi and Link Legal New Delhi. The bidders for technical advisor are Deloitte Touche Tohmatsu India LLP (DTTLLP), Ernst and Young LLP, JM Financial Limited, Mumbai, RBSA Capital Advisers LLP, MSME-Small and SBI Capital Markets Ltd. 


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