INDIA - The Indian government has issued a fresh request for proposal (RFP) today for the appointment of an asset valuer in preparation for the strategic sale of IDBI Bank. This move follows the cancellation of a previous bid orchestrated by the Department of Investment and Public Asset Management (DIPAM) due to a lack of interest from potential bidders.
The revised eligibility criteria for asset valuers now require them to be registered with regulatory authorities such as the Insolvency and Bankruptcy Board of India (IBBI), Securities and Exchange Board of India (Sebi), or the Institute of Chartered Accountants of India (ICAI). Moreover, to qualify, these valuers must have recorded an annual turnover exceeding Rs 1 crore for each of the past three fiscal years.
Interested parties looking to participate in the valuation process of IDBI Bank, which is on the cusp of a strategic sale, must submit their proposals by January 5. The government's renewed RFP and updated eligibility requirements aim to attract a broader range of bidders to ensure a robust and transparent valuation process.
The strategic sale of IDBI Bank is a significant step in the government's broader divestment strategy, which seeks to offload assets in public sector enterprises to raise funds and encourage greater efficiency through private sector participation. The appointment of a qualified asset valuer is crucial to this process as it will help determine the fair value of the bank and guide the terms of sale.
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