Preparations are on to finalize the sale of helicopter service company Pawan Hans Limited. According to sources, a group of officials headed by Cabinet Secretary Rajiv Gauba is scheduled to meet on Saturday. JSW Steel Limited and Jindal Steel and Power Limited have also shown interest for the sale of Pawan Hans.
How much is the government’s share? The government is selling its entire 51 per cent stake in Pawan Hans. The remaining 49 per cent stake is with the Public Sector Undertaking Oil and Natural Gas Corporation (ONGC) and that too wants to sell its entire stake.
Established in 1985: Let us tell you that Pawan Hans was established in 1985 and has a fleet of more than 40 helicopters. It employs over 900 employees, of whom less than half are permanent. The company provides helicopter services for ONGC’s exploration activities and for the North East region of India.
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Tried several times: The government had invited tenders in 2018 to sell its stake in Pawan Hans. However, when ONGC decided to sell its stake, the government backtracked. There was another attempt to sell the company in 2019 but investors did not show interest then. Now trying again.
However, the government’s sale of Pawan Hans will help in achieving the disinvestment target. The government is targeting to raise Rs 650 billion ($8.5 billion) from disinvestment, including the sale of minority stake in some companies, by March 2023.