Reiterating its determination of going ahead with privatization of state owned steel maker, Rashtriya Ispat Nigam Limited (RINL), the Indian government has extended the last date for appointment of merchant banker and legal advisors for the proposed disinvestment from July 28, 2021, to August 17, 2021, a government official said on Wednesday, July 28.
Despite opposition to privatization from workers and employees of RINL, political parties, the Indian government informed Parliament that RINL will continue to be on the list of steel companies to be privatized and process that had been initiated towards this will continue.
The government will appoint one merchant banker to act as transaction advisor and one legal firm as advisors and last date for such firms to submit their bids has been extended to August 17, the official said.