RINL strategic sale: Govt extends bid submission deadline

29 Jul 2021 CW Team

The government has extended the deadline for merchant bankers and legal experts to submit bids for overseeing the strategic sale of Rashtriya Ispat Nigam Ltd (RINL) until August 17.

The deadline for submitting proposals had previously been set for July 28.

The Department of Investment and Public Asset Management (DIPAM) issued a Request for Proposal (RFP) on July 7 in order to hire transaction and legal consultants.

To provide DIPAM with advisory services and manage the strategic disinvestment of the stock of government in RINL, as well as its stake in its subsidiaries and joint ventures, the government would hire one transaction adviser from among reputable merchant bankers or consulting firms.

It would also appoint a law firm to serve as a legal advisor for the transaction.

The Cabinet Committee on Economic Affairs (CCEA) approved in principle the complete disinvestment of the government stake in RINL, also known as Visakhapatnam Steel Plant or Vizag Steel, as well as its stake in its subsidiaries or joint ventures via strategic disinvestment using privatisation on January 27.

For the fiscal year 2021, the government has set a goal of Rs 1.75 lakh crore in disinvestment.

The government intends to complete the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, and Air India, among others, by March 2022 as part of its privatisation strategy.

Image Source

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..