With its expanded scope of work, DIPAM is for the first time looking to appoint an experienced individual to advise and assist the department on its future disinvestments and strategic sales. The individual, who should not exceed 65 years of age as on July 1, should have more than 10 year experience in fields ranging from PSU disinvestment to capital markets. "The work on strategic disinvestment was done about 12 years back. The process and procedures followed at that time need to be updated keeping in view the experience and learning as well as the requirements of the present day policy expectations," DIPAM said in its Request For Proposal (RFP) for engagement of the advisor. He has to assist the Department of Investment & Public Asset Management (DIPAM) in formulating processes and procedure for different modes of disinvestment, including strategic sale. The appointment would be for a period of one year and the advisor has to be well versed with various methodologies involving valuation of assets, the RFP said. The Department of Disinvestment was renamed as the Department of Investment and Public Asset Management (DIPAM) in 2016-17 Budget as the government decided to expand the scope of working of the department from disinvestment to strategic sale of PSUs as well as monetisation of idle assets. For the current fiscal, the government aims to mop up Rs 56,500 crore through disinvestment. Of this, Rs 36,000 crore is to come from minority stake sale in PSUs, while another Rs 20,500 crore is being targeted from strategic stake sale. "The advisor is expected to be not only conversant with the subject matter but should understand, appreciate and advise on all aspects of disinvestments particularly with reference to strategic disinvestment," said the RFP. The scope of work would include taking up issues with regulatory and other agencies for smooth working of DIPAM, besides assisting in resolving difficulties faced by different departments in carrying out disinvestment transactions. The advisor would also be required to hold discussions with merchant bankers and officials of the company and assist in reviewing all relevant legal and other documents, including examination of transaction related documents. The advisor, whose selection would be done by the Committee of Officers in DIPAM, would draw a remuneration of Rs one lakh per month plus applicable service tax. "In case of unsatisfactory services including non-submission of reports in time, sub-standard output, late reporting etc, the department reserves the right to lay a penalty up to 2.5 per cent of remuneration for each instance of default," the RFP said.