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Business News/ Politics / India/  Govt clears disinvestment of Pawan Hans

New Delhi: The government has approved the disinvestment of state-owned helicopter services provider Pawan Hans Helicopters Ltd.

The Cabinet Committee on Economic Affairs (CCEA) at its meeting held on 27 October gave in-principle approval for strategic disinvestment of central public sector enterprises (CPSES) including Pawan Hans, junior aviation minister Jayant Sinha told Lok Sabha on Thursday.

The decision was taken based on the recommendations of the core group of secretaries on disinvestment, he said.

CCEA has approved the recommendation for selling the entire government stake to a strategic buyer identified through a two-stage auction process.

Pawan Hans was incorporated in 1985. Government owns 51% and Oil and Natural Gas Corporation owns the rest.

Pawan Hans was incorporated with the primary objective of providing helicopter support services to the oil sector for its off-shore exploration operations, services in remote and hilly areas and charter services for promotion of tourism.

It has a fleet of 46 helicopters.

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Updated: 16 Dec 2016, 01:52 AM IST
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