Lucknow, July 31 - Aiming to expedite the disinvestment of public sector undertakings under its policy of infrastructure development and divestment through public private partnership (PPP), the Uttar Pradesh government Friday decided to invoke the Swiss Challenge Method for bidding, in which the proposer has the first right of refusal, officials said.

The move will not only ensure a fair deal and a level playing field for all private parties but will also impart a new dimension to successful project delivery, they added.

Under the new provision, the government may apply the Swiss Challenge Method in case the highest bid received is below the reserve/expected price but above 50 percent of the reserve/expected price of the PSU on offer for disinvestment.

This highest bid would continue to remain valid till conclusion of the Swiss Challenge process. Fresh bids, will then be invited to challenge the original highest bidder under the exactly the same terms and conditions as were applicable in the original bidding along with the disclosure of highest financial bid received, officials said.