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Five Firms In Race To Be Transaction Advisors In Vizag Steel Disinvestment

The five candidates are required to make presentations on their technical proposal before DIPAM's selection committee on September 30, the circular stated

Five Firms In Race To Be Transaction Advisors In Vizag Steel Disinvestment
Five Firms In Race To Be Transaction Advisors In Vizag Steel Disinvestment
outlookindia.com
2021-09-24T18:04:30+05:30

Ernst & Young LLP, SBI Capital Markets, Deloitte Touche Tohmatsu India LLP, JM Financial Ltd and RBSA Capital Advisers LLP are candidates for engaging as transaction advisors to the government for its 100 per cent stake in Rashtriya Ispat Nigam Limited (RINL) or Vizag steel. The Department of Investment and Public Asset Management released a circular in this regard on Friday. 

Presentations seeking details of technical procedures on September 30

The five candidates are required to make presentations on their technical proposal before DIPAM's selection committee on September 30, the circular stated. 

DIPAM, which manages the government's equity in public sector companies, had announced the request for proposal (RFP) on July 7, this year. The last date for bidding was July 28, which was extended till August 26. The transaction advisor would be required to provide advisory services and managing the strategic disinvestment of the government's stake in Vizag steels and RINL's stake in its subsidiaries and joint ventures. 

In a separate circular, DIPAM stated that five law firms have been shortlisted to act as legal advisors in the transaction. They too would have to make their respective presentations on September 30.

Disinvestment proposal 

Cabinet Committee of Economic Affairs (CCEA) had given 'in-principle approval for the 100 per cent disinvestment of the government's stake in RINL along with the steep producer's stake in its subsidiaries and joint ventures through privatisation on January 27. 

The government had set a disinvestment target of Rs 1.75 lakh crore for the current fiscal year. As per DIPAM's website, it has received disinvestment receipts totalling Rs 9,110.56 crore. It plans to complete the strategic sales of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, and Air India, among others, by March 2022.

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