Privatization of Indian state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has been officially kicked off with the Indian government seeking requests for proposals (RFQs) from merchant bankers and transaction advisors to handle the sale of the government held equity in the company to private investors, a government official said on Thursday, July 8.
As per the notice issued by the Department of Investment and Public Asset Management (DIPAM), RFQs have been sought from merchant bankers and legal and transaction advisors to submit their bids, based on which they will be appointed to handle the sale of shares in RINL.
The government’s apex decision-making body, Cabinet Committee for Economic Affairs (CCEA), on January 27 this year had accorded the formal approval for the privatization of RINL through the sale of 100 percent equity held in the company by the government.