Government Okays 100% Stake Sale In Central Electronics Limited
NDTV
Government has cleared sale of its entire 100 per cent stake in Central Electronics Limited (CEL), to Nandal Finance and Leasing Private Limited
Government has cleared sale of its entire 100 per cent stake in Central Electronics Limited (CEL), a state-owned engineering company, to Nandal Finance and Leasing Private Limited for Rs 210 crore, a statement issued by the finance ministry said on Monday.
The "winning bid of Rs 210,00,60000" was placed by Nandal Finance and Leasing Private Limited, the government said.
Government's stake sale in CEL was cleared by the Cabinet Committee on Economic Affairs (CCEA) empowered alternative mechanism, which comprises of Union Ministers Nirmala Sitharaman, Nitin Gadkari and Jitendra Singh, the statement added.
The winning bid of Nandal Finance was above the reserve price of Rs 194 crore fixed for the strategic sale.
