The government has extended by about a month till February 28 the deadline for prospective buyers of PDIL to submit EoI. The Department of Investment and Public Asset Management (DIPAM) had on December 14 invited preliminary bids for selling the government’s 100 per cent stake in the CPSE which is under the Ministry of Chemicals and Fertilisers.

Earlier, the last date for submitting expression of interest (EoI) was January 31. In view of the prevailing situation arising out of the COVID-19 pandemic and on the request of the interested bidders, the late date for submission of EoIs is extended to February 28, DIPAM said in a notice on its website.

As of March 31, 2021, Projects & Development India Ltd (PDIL) has paid-up equity share capital of Rs 17.30 crore, revenue of 129.68 crore and net profit of Rs 19.07 crore.

PDIL was incorporated on March 7, 1978 and is engaged in providing engineering and consultancy services in design engineering and related project execution services from concept to commissioning of various projects.

The government has appointed Resurgent India Ltd as its transaction adviser to advise and manage the strategic disinvestment process.

The strategic sale of PDIL is now expected to be completed in the next fiscal year (April 2022-March 2023). In the current fiscal year, the government has mopped up Rs 12,030 crore from PSU disinvestment and strategic sale. This includes Rs 2,700 crore from Air India privatisation and another Rs 9,330 crore through minority stake sale in various CPSEs.