No firm shows interest to manage divestment of 3 SAIL units

SAIL's effort to engage a transaction advisor for managing the divestment process of its three units suffered a jolt as no company showed interest in the Request for Proposal (RFP). Steel Authority of India (SAIL) had in February invited proposal for engagement of the transaction officer for strategic divestment of three units of the PSU. The last date for the submission of bids was April 3. But, no company evinced interest in RFP, an official privy to the development said.

The advisor will also undertake tasks related to all aspects of the strategic disinvestment culminating into successful completion of the transaction.

The advisor will also advice SAIL on the modalities and the timing of the strategic disinvestment, and prepare and submit a detailed operational scheme to successfully implement the stake sale process, including tentative timelines for each activity.

SAIL has proposed to engage the transaction advisor for providing advisory services and managing the disinvestment process.