Govt invites bids from EIL, other PSUs to buy out PDIL

The government today invited bids from EIL or other similarly placed PSUs to buy out its 100 per cent shareholding in consultancy firm PDIL.

Miniratna PSU Projects & Development India Ltd (PDIL) is under the administrative control of Chemical and Fertilizers Ministry.

"The Government of India has 'in-principle' decided to disinvest 100 per cent of its shareholding in PDIL through strategic disinvestment with transfer of management control to Engineers India Ltd (EIL) or other similar Central Public Sector Enterprises (CPSEs)," said the Preliminary Information Memorandum inviting Expression of Interest.

Expression of Interest for PDIL buyout would have to be sent by November 9.

The Government has also decided to hive-off all the three divisions/units (Catalyst Plant, Environmental Engineering and Research & Development) located at Sindri land along with all the infrastructure and it will not be offered as part of the transaction.

As of March 2017, the paid up capital of PDIL is Rs 17 crore. As of September 2017, PDIL has 363 permanent and 116 contractual employees.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)