The Cabinet Wednesday decided to allow private sector companies to bid for buying out consultancy firm Engineering Projects India Ltd (EPIL). The government had in 2017 decided on strategic sale of EPIL to a similarly placed Central Public Sector Enterprise (CPSE). It had in October 2017 invited bids from state-owned companies for buying out 100 per cent government stake in the firm.
Briefing reporters after the meeting of the Union Cabinet, Finance Minister Piyush Goyal said the decision to sell EPIL to a government entity was taken earlier because the company was engaged in a defence project in Oman which required that its management control remains with the government. Since not many similarly placed CPSEs are operating in the sector, hence it was decided to allow private sector firms as well as government.companies to bid in the strategic disinvestment process of EPIL, Goyal said.
EPIL, under the Heavy Industries Ministry, undertakes infrastructure projects on turnkey basis.
(With inputs from agencies.)