Centre to sell 100% stake in CEL, invites bids

Centre to sell 100% stake in CEL, invites bids

The Centre has invited expression of interest for a 100% stake sale in Central Electronics Ltd.

The last date for submitting bids is Oct 21.

The fully-owned government company has a net worth of over Rs 50 crore. The disinvestment was cleared last year.

Set up in 1974, CEL is under Department of Scientific & Industrial Research (DSIR). It was established with an objective to commercially exploit the indigenous technologies developed by National Laboratories and R&D institutions in the country.

CEL has developed a number of products for the first time in the country through its own R&D efforts and in close association with the premier National and International laboratories including defence laboratories.

The move will help the Centre reach some distance in achieving a whopping Rs 80,000 disinvestment target this year of which so far it has only managed Rs 9,220 crore.

The recently shelved disinvestment of Air India, Hindustan Copper and Mecon has put the government in a tight spot and it is looking vigorously on the low hanging fruits to reach the target.