The Cabinet Committee on Economic Affairs (CCEA) under chairmanship of Prime Minister Narendra Modi on 3 February 2016 approved Rajasthan Electronics and Instruments Limited (REIL) of Jaipur to delink from its parent company Instrumentation Limited (IL) and turn into an independent Central Public Sector Enterprise (CPSE) under Department of Heavy Industry.
Union Government will buy 51 percent of the IL shareholding. It will be about 6247500 shares of face value of 10 rupees each at book value of 77.09 rupees per share, as on 31 March 2015, a fair valuation comes to 48.16 crore rupees.
It will help REIL to attain a level of growth commensurate with its potential.
It will result in conversion of REIL in to an independent CPSE with greater autonomy to capitalize on the available business opportunities and freedom to approach capital markets for its expansion.
About Rajasthan Electronics and Instruments Limited (REIL)
• It was incorporated in 1981 with an initial authorized and paid up capital of 40 lakh rupees.
• It has a prominent place amongst the electronics industry of Rajasthan.
• It is a Joint venture company of IL and Rajasthan State Industrial Development and Investment Corporation, Jaipur (RIICO).
• It was conferred the status of a MINI RATNA by the Department of Public Enterprises under Union Ministry of Industry in 1997.
• The area of business extends to manufacturing and marketing of electronic products and services in the areas of Agro-Dairy Sector, Solar Photovoltaic Sector, Industrial Electronics Sector, Information Technology.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: 3 February 2016