ONGC will hike its stake to 49% in Pawan Hans

This was announced by PHHL Chairman & Managing Director R K Tyagi at a ceremony here to launch seaplane services between the Andaman and Nicobar Islands to promote tourism. This is the first time such a service is being offered in India.

While ONGC will raise its stake in PHHL to 21 per cent from 49 per cent, NTPC has proposed to make an investment of Rs 55 crore in the company, Tyagi said.

At present, the government owns a 79 per cent stake in the chopper firm, while ONGC has 21 per cent participating interest. PHHL has been carrying out offshore operations for ONGC for the last 24 years.

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