EIL To Bid To Buy Out Govt Stake In PDIL

EIL To Bid To Buy Out Govt Stake In PDIL

State-owned engineering consultancy firm EIL said Thursday it will bid to acquire government’s 100 per cent stake in Projects and Development India Ltd (PDIL).

It, however, did not give details saying they were confidential.

In a regulatory filing, Engineers India Ltd (EIL) said its board of directors in a meeting Thursday “considered the proposal for acquisition of 100 per cent paid-up share capital of PDIL from President of India.”

The Board gave “the approval of bidding for the same by way of Share Acquisition Route,” it said. “Other details cannot be disclosed due to confidentiality of the matter.”

The government in October last year invited bids from EIL or other similarly placed PSUs to buy out its 100 per cent shareholding in consultancy firm PDIL.

Miniratna PSU Projects & Development India Ltd (PDIL) is under the administrative control of Chemical and Fertilizers Ministry. Read more

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