Centre issues fresh bid document for strategic disinvestment in Pawan Hans

News Bharati    12-Jul-2019

New Delhi, July 12: Centre on Thursday issued a fresh bid document for strategic disinvestment in Pawan Hans. This is the third time in last 16 months; the government has sought to attract a buyer for Pawan Hans, which is estimated to have posted the loss to the tune of 72.42 crore rupees in the previous fiscal.


 

The government holds 51 per cent stake in Pawan Hans, which has a fleet of 43 helicopters. The remaining 49 per cent stake is with Oil and Natural gas Corporation (ONGC). The Preliminary Information Memorandum (PIM) said the GOI has in-principle decided to disinvestment its entire equity shareholding of 51 per cent in Pawan Hans Ltd (PHL) by way of strategic disinvestment to investors along with transfer of management control.

In addition to the above, ONGC has also decided, that it shall sell its entire shareholding of 49 per cent in PHL, at the same derived price per share and on the same terms and conditions.

According to the 122-page PIM, the bidder should have a minimum net worth of 350 crore rupees. In the earlier bid document, this amount stood at 500 crore rupees.

The PIM document stated that in the case of the consortium also, the combined net worth of all the members of the consortium should be 350 crore rupees.

It further said that for entities which are Air Transport Service Operators (ATSOs) and hold up to 51 per cent equity share capital of the consortium, the net worth limit and profitability will not be applicable.

The last date for submission of Expression of Interest (EoI) is 22nd August and intimation to the short-listed bidder is 12th September.