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100% stake sale on anvil as ONGC seeks to offload its 49% shareholding in helicopter services provider
The government will soon invite fresh bids for 100% stake sale in Pawan Hans by issuing an addendum to the disinvestment document as ONGC is ready to sell its entire stake in the company, an official said. Helicopter services provider Pawan Hans is a joint venture between the government, which holds 51% stake, and state-owned ONGC, which owns the remaining 49% shareholding. Pawans Hans has a fleet of 46 choppers.
On April 13, the government had issued the information memorandum for the 51% strategic stake sale in Pawan Hans and had sought Expression of Interest (EoI) from interested bidders by June 18. About half a dozen bidders are believed to have submitted bids. On July 2, ONGC wrote to the government saying its board has resolved that it would prefer to exit Pawan Hans simultaneously with the government. Against this backdrop, the senior government official said an addendum to the existing document would be issued soon, seeking bids for 100% stake in Pawan Hans.
“An addendum would be issued to the EoI (Expression of Interest) document issued on April 13. The addendum would state that ONGC has expressed its interest in selling its 49% holding and fresh bids can be put in for the entire 100% stake,” the official told PTI.
Source : https://www.thehindu.com/todays-paper/tp-business/govt-to-seek-new-bids-for-pawan-hans/article24610537.ece
