The Centre has approved a 100% strategic sale along with transfer of management control of Central Electronics Ltd (CEL).
Incorporated in 1974, CEL is under the administrative control of Ministry of Science and Technology.
The CPSE is wholly owned by the government and has a net worth of ₹50.34 crore as on March 2017.
The Government of India (GoI) has ‘in-principle’ decided to disinvest its 100 per cent equity in Central Electronics Ltd through strategic sale with transfer of management control.
The government plans to engage an advisor from a consulting firm, investment banker or a merchant banker or a financial institution, for providing advisory services and managing the disinvestment process.
It is also looking to appoint a legal firm for advising on the strategic sale.
The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved a Memorandum of Understanding (MoU) between India and Israel on “India-Israel Industrial R&D and Technological Innovation Fund (I4F)”. The MoU was concluded in July, 2017
India and Israel will make a contribution of four million US Dollars each for the Fund, both equivalent amount, annually for five years. The Innovation Fund will be governed by a joint Board which will consist of four members from each country.
