According to the EoI, the selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL
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After successfully privatizing Air India, the finance ministry on Tuesday said it has received financial bids to transfer 100% ownership and management control in Central Electronics Limited (CEL).
“Financial bids for strategic disinvestment of Central Electronics Ltd (CEL) received by Transaction Adviser. The process now moves to concluding stage," DIPAM secretary Tuhin Kanta Pandey tweeted, without specifying how many bids have been received.
CEL is a public sector undertaking, under the administrative control of Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology. CEL was established in 1974 with an objective to commercially exploit indigenous technologies developed by National Laboratories and Research &Development institutions in the country.
DIPAM had appointed Resurgent India Limited as its advisor to advise and manage the Transaction but submission of expression of interest was extended several times due to the coronavirus pandemic.
According to the EoI, the selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL. The interested bidders must have a minimum net worth of ₹50 crore as on March 2019.
CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.
More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015. Its solar products have been qualified to international standards. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.