RINL strategic sale: Govt extends bid submission deadline

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