The government on Monday approved sale of Central Electronics Ltd to Nandal Finance and Leasing for Rs 210 crore. This is the second strategic stake sale by the government after Air India.

“The Alternative Mechanism … has approved the highest price bid of M/s Nandal Finance and Leasing Pvt Ltd for sale of 100% equity shareholding of GoI in Central Electronics Ltd (CEL) – a CPSE under the Department of Scientific and Industrial Research (DSIR). The winning bid is for Rs 210,00,60000,” an official statement said.

The Alternative Mechanism (AM) on strategic disinvestment comprises Road Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Minister of State for Science and Technology Jitendra Singh.

Two bidders had put in financial bids for CEL — Nandal Finance and Leasing Pvt Ltd for Rs 210 crore and JPM Industries Ltd bid for Rs 190 crore.

The higher of the two price bids, submitted by M/s Nandal Finance and Leasing Pvt Ltd, was found to be above the reserve price, the statement added.