The government has invited financial bids from shortlisted bidders for the strategic sale of Pawan Hans, Minister of State for Civil Aviation Gen (Dr) V K Singh said in a written reply in Lok Sabha on Thursday. The Centre owns 51 per cent stake while Oil and Natural Gas Corp (ONGC) holds the remaining 49 per cent stake in the helicopter service provider company.
In the reply, the minister stated that after evaluation of the technical bids received, bidders have been shortlisted. He also mentioned, "Completion of the process of strategic disinvestment of PHL depends upon the success of the bid. Transaction Advisor has been engaged to facilitate process of disinvestment."
NITI Aayog in its recommendations on strategic disinvestment of Central Public Sector Undertakings recommended to sell government-owned shares of Pawan Hans Limited through outright sale to an identified buyer discovered through a two-stage auction process. Accordingly, the Centre had given in-principle approval for disinvestment of entire shareholding of the company. After evaluation of the technical bids received, bidders have been shortlisted, the minister further informed via the written reply.
In 2018, the government had invited bids to sell its stake in Pawan Hans. However, the process was withdrawn after ONGC decided to sell its 49 per cent stake in the company along with the government's. In 2019, a second attempt was made to sell the company but it failed to receive investor response.
16/12/21 BusinessToday.in
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