File photograph of a Pawan Hans helicopter. (Image Source: Reuters)
The authorities owns 51 per cent stake in Pawan Hans, whereas Oil and Natural Gas Corp (ONGC) holds the remaining 49 per cent.
- PTI New Delhi
- Last Updated: January 18, 2021, 21:07 IST
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The authorities has prolonged the preliminary bid submission deadline for purchasing Pawan Hans by a month until February 18. The Department of Investment and Public Asset Management (DIPAM) had in December invited bids for strategic sale, together with switch of administration management, of helicopter service supplier Pawan Hans. The date for bid submission was January 19. The deadline has now been prolonged to February 18 in view of the “prevailing Covid-19 situation and consequent logistical challenges faced by Interested Bidders,” DIPAM mentioned in a discover.
The authorities owns 51 per cent stake in Pawan Hans, whereas Oil and Natural Gas Corp (ONGC) holds the remaining 49 per cent. ONGC has determined to supply its complete shareholding within the firm on the market together with the federal government stake. Pawan Hans was included in October 1985 as a public sector endeavor to primarily present helicopter companies for the exploration actions of ONGC and to India’s northeast.
As on July 31, 2020, Pawan Hans’ whole manpower was 686, with 363 common and 323 contractual staff. For 2019-20, the corporate reported a web lack of Rs 28 crore, decrease than Rs 69 crore in 2018-19. As on March 31, 2020, its authorised capital stood at Rs 560 crore and paid-up share capital at Rs 557 crore. In 2018, the federal government had invited bids to promote 51 per cent stake in Pawan Hans. However, it was withdrawn after ONGC determined to promote its 49 per cent stake within the firm together with the federal government’s.
In 2019, a second try was made to promote Pawan Hans however the sale course of did not obtain investor response. The strategic sale of Pawan Hans is prone to spill over to subsequent fiscal starting April. The strategy of privatisation of Air India, BPCL, BEML, Shipping Corp and Ferro Scrap Nigam Ltd (FSNL) is ongoing. So far this fiscal, the federal government has netted Rs 15,220 crore via minority stake sale in CPSEs and share buybacks.