New Delhi: The Centre has received "multiple expressions of interest" for the privatisation of Projects & Development India Ltd (PDIL), said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey in a tweet on Thursday. "Multiple expressions of interest received for privatisation of Projects & Development India Limited (PDIL). The transaction moves ahead to the next stage," said Pandey on Twitter. The government had invited bids on December 14 last year for selling 100 percent stake in PDIL.
The Centre had announced an extension in the deadline for the submission of Expressions of Interest (EoI) for the privatisation of PDIL in view of the COVID-19 pandemic. From January 31, the EoI submission deadline for PDIL was extended to February 28.
As of March 31, 2021, PDIL has paid-up equity share capital of Rs 17.30 crore, revenue of Rs 129.68 crore and net profit of Rs 19.07 crore. Incorporated on March 7, 1978, the PSU provides engineering and consultancy services in design engineering, from concept to commissioning of various projects. The government has roped in Resurgent India Ltd as its transaction adviser to advise and manage the strategic disinvestment process.
The privatisation of PDIL is expected to be completed in the next financial year. The government had set out a target of raising Rs 1.75 lakh crore through disinvestment for FY22, However, because a number of big-ticket disinvestments, like Bharat Petroleum Corporation Ltd (BPCL), failed to materialise, the government will not be able to meet its disinvestment target for the current fiscal. For the next fiscal, the Centre has set out a humble disinvestment target of Rs 65,000 crore.
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