Disinvestment: Govt extends EoI submission deadline for PDIL by a month due to COVID

• From January 31, the EoI submission deadline for PDIL has now been extended to February 28, a notification released by DIPAM said
• In the corrigendum, DIPAM also revised PDIL's revenue from Rs 142.17 crore to Rs 129.68 crore, and net profit from Rs 31.83 crore to Rs 19.07 crore for FY21

New Delhi: The Centre has announced an extension in the deadline for the submission of Expressions of Interest (EoI) for the disinvestment of Projects & Development India Limited (PDIL) in view of the COVID-19 pandemic. From January 31, the EoI submission deadline for PDIL has now been extended to February 28, a notification released by the Department of Investment and Public Asset Management (DIPAM) said. "The GoI seeks Expression of Interest ("EoI") from the interested parties for acquisition of 100% equity shares of PDIL. The disinvestment process is to be implemented through physical open competitive bidding route. Accordingly, EoIs are invited at the address mentioned below up to 03.00 PM (Indian Standard Time) on or before 28.02.2022," it said.

PDIL disinvestment: EoI submission extended due to requests from bidders

DIPAM said that the deadline is being extended due to requests being received from interested bidders. "In view of the prevailing situation arising out of COVID-19 pandemic and on the request of the Interested Bidders, the following changes are made in the PIM," said the notification. The Preliminary Information Memorandum (PIM) for the process of the strategic disinvestment of 100 percent equity shareholding of the government, along with transfer of management control, in PDIL was issued on December 14, 2021.

In the corrigendum issued on January 28, DIPAM also revised PDIL's revenue from Rs 142.17 crore to Rs 129.68 crore, and net profit from Rs 31.83 crore     to Rs 19.07 crore for FY21.

Backdrop

The news comes just days after DIPAM Secretary Tuhin Kanta Pandey said that it is unlikely that the government will meet its disinvestment target of Rs 1.75 lakh crore for FY22. ""I don't think that we will be able to reach Rs 1.75 trillion target… that looks unlikely. It would have required BPCL transaction to close, but I don't think BPCL can close by March. So, therefore we have to go with a lesser number," Pandey was quoted as saying in an interview.

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