Fresh bid to sell Pawan Hans
The government plans to make a fresh attempt to sell a 100 per cent stake in Pawan Hans by providing indemnity to the buyers against contingent liability of about
Rs 680 crore in the helicopter service company.
The government is keen to make the bid more attractive after investors shared their concerns. The sale bid failed to attract any suitor in March.
“The fresh preliminary information memorandum would be issued after discussions with investors before the end of next month,” official sources said.
Pawan Hans is a joint venture in which the government holds a 51 per cent stake, while state-owned ONGC owns 49 per cent. Pawan Hans has a fleet of 46 choppers.
The government had first floated an offer to sell its 51 per cent stake in October 2017. The bid was withdrawn in April last year because of a lukewarm response from buyers.
“Potential investors have suggested that ONGC’s stake too should be sold along with the government’s stake as they feared that the ONGC holding could mean government interference in some way,” the official said.