The government has received multiple expressions of interest (EoI) for the privatisation of helicopter service provider Pawan Hans, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey said on Thursday.
“The transaction will now move to the second stage (in the two-stage process),” he said in a tweet.
On December 8, the Centre had invited fresh EoI for its 51% stake in the firm, by allowing the potential buyer to asset strip and change shareholding after one year of acquisition of the controlling stake.
Under the previous EoI terms, asset stripping was allowed after two years while change in shareholding was allowed after three years. According to the fresh terms, the buyer can now also undertake sale and leaseback of helicopters within one year of the disinvestment, provided the money so raised is utilised for business operations.
The shortlisted bidders will be allowed to submit financial bids in the second stage. State-run oil explorer ONGC, which holds 49% stake in Pawan Hans, has also offered to sell its entire stake to the successful bidder on almost the same terms as the government.