The issuance of the Letter of Intent (LoI) to the successful bidder of Central Electronics Ltd. (CEL) has been put on hold, pending examination of specific allegations regarding the bidder, the Rajya Sabha was informed on Tuesday.
In November, the government approved the highest price bid of ₹210 crore by the Delhi-based Nandal Finance and Leasing Pvt. Ltd. for the sale of 100% shareholding of the government in CEL. Incorporated in 1974, CEL is a pioneer in the field of solar photovoltaics. It has also developed axle counter systems being used in Railway signalling systems for the safe running of trains.