Govt invites bids from IBBI-registered firms for valuing RINL’s assets

The federal government has invited bids from firms for valuing the assets of privatisation-bound RINL or Vizag Steel.

The Cabinet Committee of Financial Affairs (CCEA) on January 27 gave ‘in-principle’ acceptance for 100 per cent disinvestment of authorities stake in Rashtriya Ispat Nigam Restricted (RINL), also identified as Visakhapatnam Steel Plant or Vizag Metal, alongwith RINL’s stake in its subsidiaries/joint ventures.

The Office of Financial commitment and Public Asset Administration (DIPAM), which manages the government’s fairness in public sector firms, on March 11 floated the ask for for proposal (RFP) for appointing an asset valuer registered with the Insolvency and Personal bankruptcy Board of India (IBBI) to carry out the valuation of the company’s property and support the Centre in the process of strategic disinvestment of RINL.

The previous day for putting bids is April 4.

The valuer would be essential to have out the valuation of all assets of RINL, subsidiaries and joint ventures, including their plant and machinery, land and buildings, home furnishings, civil infrastructure and associated intangibles on ”as is exactly where is basis”.

To be eligible, the bidder should be a business or restricted liability partnership (LLP) company or registered partnership company. The bidder is needed to have correctly accomplished at the very least 1 valuation assignment of equivalent character with an asset benefit of Rs 5,000 crore or additional.

The government has revised its realisation estimates from CPSE disinvestment to Rs 78,000 crore in the latest fiscal. For up coming fiscal, the receipts are budgeted at Rs 65,000 crore.