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Tribune News Service
New Delhi, November 29
The Cabinet Committee on Economic Affairs (CCEA) has approved the sale of Central Electronics Ltd (CEL) to Nandal Finance and Leasing Pvt Ltd for Rs 210 crore.
A pioneer in the field of Solar Photovoltaic (SPV), the empowered Alternative Mechanism of CCEA comprising Union Ministers Nitin Gadkari, Nirmala Sitharaman and Jitendra Singh evaluated the two bids. The other bid was for Rs 190 crore by JPM Industries.
The next step will be to issue the Letter of Intent (LoI) and then sign the share purchase agreement following which, the conditions precedent would need to be satisfied by the successful bidder, the company and the government. It is expected that the transaction will be completed during the current financial year, said an official statement.
“The entire disinvestment process has been carried out in a transparent manner,” it added.
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