Bidding process for appointment of property valuer of IDBI Bank canceled

New Delhi, November 21 (Language) The government on Tuesday canceled the process of selection of asset valuer for the strategic sale of IDBI Bank after not receiving the expected response from the bidders.

A fresh Request for Proposal (RFP) will be invited soon after review of certain bidding criteria to garner better interest from bidders.

“It has been decided to cancel the existing RFP with the approval of the competent authority and issue a fresh RFP for selection of asset valuer for strategic disinvestment of IDBI Bank Ltd,” the Department of Investment and Public Asset Management (DIPAM) said in a corrigendum. Is.’

Explaining the reason for this, a government official said, ‘We had only one bid. A fresh RFP will be issued soon after reviewing some criteria to garner better interest from bidders.

The government, along with LIC, is selling about 61 percent stake in IDBI Bank. For this, several expressions of interest (EOI) were received in January.

DIPAM Secretary Tuhin Kant Pandey had last week said the IDBI Bank strategic sale deal was “on track” but the deal would not be completed in the current financial year.

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