The authorities has acquired an undisclosed variety of monetary bids on the market of its stake in Pawan Hans, shifting the disinvestment means of the ailing helicopter operator to the final stage.
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), tweeted, “The financial bids for Pawan Hans disinvestment have been received by the transaction advisor. The process now moves to a concluding stage.” He, nonetheless, didn’t disclose the variety of bidders.
The Centre is promoting its whole 51 per cent stake in Pawan Hans. State-run Oil and Natural Gas Corporation (ONGC), which owns the remaining 49 per cent, too has provided its full shareholding within the firm on the market.
Established in 1985, Pawan Hans has a fleet of over 40 helicopters and over 900 workers, lower than half of them on everlasting roles. It offers helicopter companies for the exploration actions of ONGC and to India’s northeast.
For 2019-20, the corporate ported a web lack of Rs 28 crore, decrease than Rs 69 crore within the earlier 12 months. As on March 31, 2020, its authorised capital stood at Rs 560 crore and paid-up share capital at Rs 557 crore.
In 2018, the federal government had invited bids to promote its stake in Pawan Hans. However, the method was withdrawn after ONGC determined to promote its 49 per cent stake within the firm together with the federal government’s. In 2019, a second try was made to promote the corporate however it did not obtain investor response.
Last 12 months, the federal government sweetened the phrases, decreasing the minimal web value for potential bidders and the lock-in interval of funding and permitting the profitable bidder to promote belongings after a 12 months.
With PTI inputs
