Govt invites private players to buy out 51% in helicopter service firm Pawan Hans

Key highlights:

• The government on Friday invited bids from private companies, including foreign ones, to buy out its entire 51% stake in Pawan Hans
• The remaining 49% stake is held by oil behemoth ONGC
• The government plans to raise Rs 15,000 crore via strategic sale

The government on Friday invited bids from private companies, including foreign ones, to buy out its entire 51% stake along with management control in helicopter service operator Pawan Hans Ltd.

The Miniratna PSU is under the administrative control of the civil aviation ministry and the remaining 49% stake is held by oil behemoth ONGC.

In a "global invitation for expression of interest", the government asked private players to submit the bids by December 8.

"The government proposes to disinvest its entire equity shareholding of 51% in Pawan Hans Ltd by way of strategic disinvestment to investors, along with transfer Of management control," it said while inviting bids.

The Department of Investment and Public Asset Management (DIPAM) has already lined up a host of PSUs for strategic disinvestment.

While expression of interest (EoI) from bidders was sought for four PSUs yesterday, the same for Pawan Hans was issued on Friday.

Of the lot in question, the government plans to sell its entire stake in Hospital Service Consultancy Corporation (HSCC), Engineering Projects (India) Ltd (EPI) and National Projects Construction Corporation (NPCC) to a similarly-placed CPSE.

Besides, Bridge and Roof Co will be sold to a private player.

The government plans to raise Rs 15,000 crore via strategic sale in the current fiscal out of its total disinvestment target of Rs 72,509 crore.

Besides, takeover of HPCL by ONGC in an about Rs 30,000 crore deal is in progress.

ALSO READ:

• Govt invites private players to buy out 51% in Pawan Hans
• Pawan Hans to start helicopter services for Delhi tourism from 1 April
• Govt moves swiftly for disinvestment of 3 PSUs to meet target