Govt invites EOI for Pawan Hans disinvestment

Govt invites EOI for Pawan Hans disinvestment

The government on Friday set in motion its decision to sell off its entire 51% stake and management control in helicopter service operator Pawan Hans Ltd to private players, including foreign companies.

The Ministry of Civil Aviation (MoCA) publicised the invite for ‘global invitation for expression of interest’ from prospective buyers and asked them to submit it by December 8.

While 51% of the stake and administrative control is under the MoCA, the rest of the stake in the Mini-Ratna-I Category PSU belongs to Oil and Natural Gas Corporation (ONGC).

“The Government of India proposes to disinvest its entire equity shareholding of 51% in PHL by way of strategic disinvestment to the investor(s) along with the transfer of management control,” the public notice said.

Already, the government has appointed SBI Capital Markets (SBICAP) as its adviser to manage the strategic disinvestment process. The disinvestment process will be implemented through open competitive bidding route, a senior official said.

This is a part of government’s initiative to divest its stakes in a number of public enterprises as it plans to raise Rs 15,000 crore through strategic sale in the current fiscal, out of its total disinvestment target of Rs 72,509 crore. In June, the Union Cabinet had cleared the disinvestment of Air India, and a group of ministers is finalising the contours of the process.

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