IDBI Bank, Concor divestment likely to take longer: Officials

Divestment of IDBI Bank and Container Corporation of India (Concor) may be further delayed as the investors for IDBI Bank are seeking to extend the deadline for submitting their expressions of interest (EoIs) by a month from December 16 to January 15, officials said.

The EoIs for railways’ PSU Concor may be pushed to January as more clarity is required from the ministry of railways and the inter-ministerial panel may meet by the end of December or early January to give a final approval for the EoI, an official said.

“The deadline for submitting bids would be extended till early January,” the official said, adding that the transaction advisors have received a few requests for an extension of the deadline. They added year-end holidays as the main reason to extend the deadline as many foreign investment bankers would not be working due to the holidays.

“Concor EoI needs some more clarity and we expect it to be cleared by December last or January,” the official said.

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