Five Top Firms In Race For Role Of Transaction Advisor In Sale of RINL

On July 7, DIPAM had floated request for proposal for appointing a transaction advisor for Rashtriya Ispat Nigam Limited

As per DIPAM website five firms, including Ernst & Young LLP, SBI Capital Markets, Deloitte Touche Tohmatsu India LLP, JM Financial Ltd and RBSA Capital Advisers LLP have shown interest to act as a transaction advisor for the government’s 100 per cent stake sale in Rashtriya Ispat Nigam Limited or Vizag Steel. All these firms are to make their presentations before the Department of Investment and Public Asset Management (DIPAM) on September 30.

Also, five law firms have put in bids for acting as a legal advisor for RINL sale. The firms are Chandhiok & Mahajan, Economic Laws Practice, J.Sagar Associates, Kochhar & Company and Link Legal. These firms are also scheduled to make their presentations before DIPAM on the same day.

The Cabinet Committee of Economic Affairs (CCEA), had on January 27, given ‘in-principle’ approval for 100 per cent disinvestment of the government’s stake in Rashtriya Ispat Nigam Limited (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL’s stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation.

The government aims to complete the strategic sale of RINL, Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, and Air India, among others, by March 2022.

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