New Delhi: Moving ahead with the strategic sale of Pawan Hans, the government on Thursday said it will sell its entire 51% stake and transfer the management control of the helicopter service operator. Pawan Hans is a joint venture where state-owned ONGC holds 49%.
The government has sought applications from entities to act as transaction advisor for the proposed disinvestment of its stake in the company. “The government of India intends to divest its entire shareholding of 51% in Pawan Hans Ltd, through strategic disinvestment with transfer of management control,” a public notice said on Thursday.
As per the notice, issued by the Department of Investment and Public Asset Management, a transaction advisor is to be roped in from “reputed professional consulting firm, investment bankers, merchant bankers, financial institutions and banks” who would provide advisory services and manage the strategic disinvestment process.
The deadline for sending the applications is 2 February. Set up in 1985, Pawan Hans currently has a fleet of 46 helicopters. It was incorporated with the primary objective of providing helicopter support services to the oil sector for off-shore exploration operations, services in remote and hilly areas as well as for charter services.
Earlier this month, defence equipment maker BEML said government would offload 26% stake through strategic disinvestment that could fetch the exchequer Rs1,000 crore. Government has set a disinvestment target of Rs56,500 crore for the current financial year and so far around Rs24,000 crore has been mopped up through share sale and buy backs.