Cabinet approves mechanism for strategic disinvestment
To speed up the process of completion of strategic disinvestment transactions, Prime Minister Narendra Modi-led Cabinet approved an Alternative Mechanism.
Ministry of Finance on Wednesday announced that Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment.
The Cabinet committee was chaired by Prime Minister Narendra Modi.
As per the Ministry the proposal has been approved for the strategic investment for setting up an Alternative Mechanism (AM) consisting of the Finance Minister, Minister for Road Transport & Highways and Minister of Administrative Department, to decide on the matters relating to terms and conditions of the sale from the stage of inviting of Express of Interests (Eols) till inviting of financial bid.
The proposal will "help in speedy completion of strategic disinvestment transactions", the Ministry added.
Also, the proposal will empower the Core Group of Secretaries (CGD) to take policy decisions with regard to procedural issues and to consider deviations as necessary from time to time for effective implementation of decisions of CCEA.
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