Prospective bidders for IDBI will have to get security clearance from Government in 1st round

10 Oct 2022 , 09:49 AM

For the first time ever, the government has mandated that prospective purchasers of IDBI Bank submit information for security clearance from the Ministry of Home Affairs (MHA) during the initial phase of the bidding process.

The government has up to now requested information about the bidders’ security clearances at the second round of the bidding process in every case of CPSE privatization.

This meant that bidders who made it through the first stage of the Expression of Interest process had to apply for government security clearance before submitting their financial offers.

The Department of Investment and Public Asset Management issued an EoI for bidders to purchase the government’s and LIC’s 60.72% stake in IDBI Bank, stating that interested parties who pass the RBI’s “Fit & Proper” evaluation and government/MHA security clearance will be notified as the QIPs.

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