Wednesday, August 09, 2017

Aviation Ministry May Submit Plan For Pawan Hans Stake Sale In A Week

The aviation ministry plans to submit final details of its proposed stake sale in Pawan Hans to the Department of Investment and Public Asset Management in a week, said two senior ministry officials.
The government is looking to divest its entire 51 percent holding in the state-run helicopter carrier by the end of the current financial year, while Oil and Natural Gas Ltd. is likely to retain the remaining 49 percent stake.
Civil Aviation Minister Ashok Gajapathi Raju and officials from the ministry met counterparts at DIPAM to discuss the divestment process on Wednesday. The government is considering all possible options for the stake sale, the officials quoted above told reporters in New Delhi after the meet on Wednesday.
ONGC has not expressed any interest to sell its stake in Pawan Hans, possibly because it uses the company’s helicopters for operations to and from its oil rigs, one of the officials said.
With ONGC choosing to retain its stake, the government intends to make it clear to interested private parties that they can purchase only 51 percent in Pawan Hans.
09/08/17 Krishanu Mukherji/Bloomberg