Business

Govt To Seek Bidders For 100% Stake Sale Of Pawan Hans

JAVED SAIFI | 0
7616
| August 6 , 2018 , 16:43 IST

As the Oil and Natural Gas Corporation (ONGC) is all set to sell its entire stake in Pawan Hans, Government of India has decided to invite fresh bids for 100 percent stake sale by issuing an addendum to the disinvestment document, media reported on Monday.

As per reports in media, an addendum would be issued to the EoI (Expression of Interest) document issued on April 13.

The addendum would state that ONGC has expressed its interest in selling its entire stake of 49 percent in the company and fresh bids can be allowed to sell the 100 percent stake of the company.

Pawan Hans is a joint venture helicopter service provider company. The government owns 51 percent stake and ONGC owns remaining 49 percent stakes in the company.

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ONGC wrote to government on July 2 that its board has decided to exit Pawan Hans simultaneously with the government.

Earlier, the government had tried to sell its entire stake of 51 percent in October last year but due to a low-spirited response from bidders, the EoI was withdrawn in April.

At that time investors had suggested both the shareholders to sell their stake together.

Pawan Hans operates a fleet of more than 50 helicopters and provides numerous services.

The services provided by Pawan Hans are offshore operations, connecting inaccessible areas, charter services, search and rescue work, VIP transportation, corporate and special charters, hotline washing of insulators and Heli-pilgrims.

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