The government on Wednesday issued a fresh RFP to pick an asset valuer for strategic sale-bound IDBI Bank by lowering the turnover eligibility criteria to Rs 1 crore from Rs 5 crore.

The last date for submitting bids by an asset valuer is January 5, the department of investment and public asset management (DIPAM) said while floating the request for proposal (RFP).

This is the second time the government has invited bids from asset valuers for IDBI Bank before the strategic disinvestment of the lender.

The DIPAM had on September 1 invited bids for an asset valuer. The deadline for the appointment was October 9, which was later extended to October 30.

However, on November 21, DIPAM cancelled the bid process since only a single bidder evinced interest.

Sources said the prospective bidders sought relaxation in eligibility criteria such as turnover threshold as well as mandatory Insolvency and Bankruptcy Board of India (IBBI) registration.

As per fresh RFP, the asset valuer has to be registered either with the IBBI or Sebi, or the Institute of Chartered Accountants of India (ICAI).

The bidder is required to have an annual turnover of over Rs 1 crore in the previous three fiscal years.

The government, along with LIC, is selling a nearly 61 per cent stake in IDBI Bank and in January received multiple expressions of interest.

Mineral auction

India on Wednesday launched the first round of auction of critical and strategic minerals in 20 blocks, coal and mines minister Prahlad Joshi said.

He said the blocks are spread across Bihar, Chattisgarh, Gujarat, Jharkhand, Tamil Nadu, Uttar Pradesh, Jammu & Kashmir. This includes the lithium found in Jammu and Kashmir.

Pre-bid conference with prospective bidders is scheduled on December 22, 2023; the last date for the sale of the tender document is January 16, 2024; the last date of bid submission is January 22, 2024.