Govt invites EoI from investors to buy out Bridge & Roof Co
New Delhi: The government Thursday invited bids from investors for buying out 100 per cent stake in PSU construction firm Bridge & Roof Company.
The Department of Investment and Public Asset Management (DIPAM) has asked interested bidders to submit their Expression of Interest (EoI) for buying the company by December 25, 2018. The company had posted a Profit after Tax (PAT) of Rs 16.37 crore and total revenue of Rs 1,751 crore in 2016-17. Established in 1920, Bridge & Roof is under the administrative control of the Ministry of Heavy Industries and Public Enterprises.
The DIPAM has already appointed Yes Bank to advise the government on the proposed strategic sale of Bridge & Roof Company. "The Government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in B&R through strategic disinvestment...This disinvestment process is to be implemented through physical open competitive bidding route," the DIPAM said while inviting EoI.
B&R is among the 23 companies which Cabinet has cleared for strategic stake sale. The other companies in the list include Scooters India, Pawan Hans, Central Electronics, BEML and Bharat Pumps.