Govt invites bids from transaction advisors for RINL privatisation

The government on Wednesday invited bids from merchant bankers and legal advisors for managing strategic sale of RINL.

The last date for submitting bids is July 28.

As per the RFP document floated by the Department of Investment and Public Asset Management (DIPAM), the government would appoint one transaction advisor from reputed merchant bankers or consulting firm for providing advisory services to DIPAM and managing the strategic disinvestment of Government's stake in RINL, along with RINL's stake in its subsidiaries/joint ventures.

It would also appoint one law firm as legal advisor for facilitating the transaction.

The Cabinet Committee of Economic Affairs (CCEA), on January 27 gave 'in-principle' approval for 100 per cent disinvestment of Government stake in Rashtriya Ispat Nigam Limited (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, alongwith RINL's stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.

The government has set disinvestment target of Rs 1.75 lakh crore for current fiscal.

As part of the privatisation strategy, the Government aims to complete strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, Air India among others, by March 2022.