The government had received three bids for the sale of Pawan Hans.
Highlight
- The government has approved the sale of its 51 percent stake in helicopter service provider Pawan Hans.
- PHL is a 51:49 joint venture between the government and ONGC to provide helicopter and aero mobility services.
- The reserve price for the sale of 51 per cent stake of PHL was fixed at Rs 199.92 crore.
The Finance Ministry on Friday said the government has approved the sale of its 51 per cent stake in helicopter service provider Pawan Hans Ltd (PHL) to Star9 Mobility Pvt Ltd with transfer of management control for Rs 211.14 crore.
PHL is a 51:49 joint venture between the government and ONGC that provides helicopter and aero mobility services. ONGC had earlier decided to offer its entire shareholding to the successful bidder identified in the Government of India strategic disinvestment transaction at the same price and terms as the Government of India.
“The Alternative Mechanism empowered by the Cabinet Committee on Economic Affairs … has approved the highest bid for sale of entire Government of India shareholding (51% of shareholding) of Pawan Hans Limited (PHL) to M/s Star9 Mobility Private Limited and Management Transfer of control,” an official statement said.
The reserve price for the sale of 51 per cent stake of PHL was fixed at Rs 199.92 crore based on the valuation done by the transaction advisor and asset valuer. The government had received three bids for the sale of Pawan Hans.
“M/s Star9 Mobility Pvt Ltd, a consortium of M/s Big Charter Pvt Ltd, M/s Maharaja Aviation Pvt Ltd and M/s Almas Global Opportunity Fund SPC, emerged as the highest bidder with a bid of Rs 211.14 crore, which was above the reserve price. The other two bids were for Rs 181.05 crore and Rs 153.15 crore. After due deliberation, the financial bid of M/s Star 9 Mobility Pvt Ltd has been accepted by the government,” it added.
The alternative mechanism includes Road Transport and Highways Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Civil Aviation Minister Jyotiraditya Scindia.
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