Competition in bidding process

The government is allowing all eligible Central Public Sector Enterprises (CPSEs) and private sector entities to participate in the bidding for the strategic disinvestment of Engineering Projects (India) Limited (EPIL).

This comes with the Cabinet Committee on Economic Affairs’ (CCEA) approval of partial modification of earlier decision dated October 2016.

The approval was given on 13 Feb 2019.

The modification would promote competition in the bidding process and may result in higher yield to the Government.

The successful strategic buyer is expected to bring in funds, technology or/and new management practices for the optimum development of business and growth of the company, which may generate more employment opportunities.

The proposed strategic disinvestment of EPIL would unlock resources to be used to finance the social sector/developmental programmes of the Government benefiting the public.

Earlier CCEA in its meeting held on October 2016 had given in-principle approval for strategic disinvestment of 100% shareholding of the Indian Government in EPIL through merger with a similarly placed CPSE. fiinews.com