Govt invites bids for strategic sale of Pawan Hans for 3rd time
PTI, Jul 12, 2019, 10:53 AM IST
Mumbai: Making another attempt to exit from the chopper operations business, the government on Thursday issued a fresh bid document for strategic disinvestment in Pawan Hans, offering the company to bidders having a minimum net worth of Rs 350 crore.
The government holds 51 per cent stake in Pawan Hans, which has a fleet of 43 helicopters. The remaining 49 per cent is with oil and gas behemoth ONGC.
“The GOI acting has in-principle’ decided to disinvestment its entire equity shareholding of 51 per cent in Pawan Hans Ltd (PHL) by way of strategic disinvestment to investor(s) along with transfer of management control … In addition to the above, ONGC has also decided, that it shall sell its entire shareholding of 49 per cent in PHL, at the same derived price per share and on the same terms and conditions…” as per the Preliminary Information Memorandum (PIM).
This is the third time in last 16 months, the government has sought to attract a buyer for Pawan Hans, which is estimated to have posted the loss to the tune of Rs 72.42 crore in the previous fiscal.
The last date for submission of Expression of Interest (EoI) is August 22, 2019, and intimation to the short-listed bidder is September 12.
The government has appointed SBICap as its advisor to advise and manage the strategic disinvestment of PHL (Proposed Transaction).
According to the 122-page PIM, the bidder should have a minimum networth of Rs 350 crore. In the earlier bid document, this amount stood at Rs 500 crore.
In the case of consortium also, the combined networth of all the members of consortium should be Rs 350 crore, the PIM document stated.
For entities which are Air Transport Service Operators (ATSOs) and hold up to 51 per cent equity share capital of the consortium, the networth limit and profitability will not be applicable.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years
Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official
Air India Express increases flight operations from northeast destinations
Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle
Myntra pilots foray into quick commerce with ‘M-Now’ in select locations of Bengaluru
MUST WATCH
Latest Additions
Puttur: Abandoning labourer’s body — three, including prime accused, arrested
RG Kar protests: SC orders SIT probe into custodial torture case, weekly reports before HC
Dr. D. Veerendra Heggade sets record for ‘Largest Single-Man Collection of Antiques’
Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years
Burglars decamp with cash Rs 1 crore, 300 gold sovereigns from house in Kerala
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.