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CPSE strategic sale: Govt makes security clearance mandatory for bidders

According to the performa, any interest of more than 10 per cent in the bidding entity would require disclosures of parentage and beneficial ownership to get a security clearance.

In case the acquirer is a sole bidder, then it has to share with the government details, like nationality, address, parentage, unique ID number of the country of residence and passport number, of its directors and partners.

Also a self-declaration regarding the nature and extent of presence/operation of the bidder in China and Pakistan, if any would have to be provided by them.

Govt may consider privatising Oriental Insurance or United India: Report

Both Oriental Insurance and the Chennai-based United India Insurance may be able to generate interest from the private sector because of their improved financials, sources said.

The process of choosing a suitable candidate for privatisation has just started and will take some time to decide, sources said while not ruling out the possibility for listed New India Assurance, where government stake stands at 85.44 per cent.

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