Monday, July 03, 2023

Govt calls off strategic sale of Pawan Hans as winning bidder disqualified

New Delhi: The government on Monday decided to call off the strategic disinvestment of Pawan Hans as the successful bidding consortium Star9 Mobility Pvt Ltd was disqualified in view of pending legal cases. Pawan Hans is a 51:49 joint venture of the government and ONGC.

The government had in April last year decided to sell the helicopter service provider for Rs 211.14 crore to Star9 Mobility Pvt Ltd -- a consortium of Big Charter Private Ltd, Maharaja Aviation Private Ltd and Almas Global Opportunity Fund SPC.

However, in May the sale process was put on hold after it came to light that the lead member of the winning bidder consortium -- Almas Global Opportunity Fund SPC -- has a case pending against it at the National Company Law Tribunal (NCLT).

In a statement, the Department of Investment and Public Asset Management (DIPAM) on Monday said the government has examined the adverse orders of NCLT and NCLAT.

03/07/2023 PTI/Times of India

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