A parliamentary committee today questioned the government's decision to withdraw its stakes from the Pawan Hans Limited, a state-owned helicopter service provider, despite it being a profit making organisation.
A parliamentary committee today questioned the government’s decision to withdraw its stakes from the Pawan Hans Limited, a state-owned helicopter service provider, despite it being a profit making organisation. In October last year, the Cabinet Committee on Economic Affairs (CCEA) had given in-principle approval for strategic disinvestment of the Pawan Hans Limited (PHL).
The ministry of civil aviation is finalising the modalities of the procedure which will be sent to the Department of Investment and Public Asset Management (DIPAM) within a week. The Centre holds 51 per cent stake in the chopper firm while the remaining 49 per cent is with the state-owned Oil and Natural Gas Corporation (ONGC).
“The Committee fails to understand why strategic disinvestment has been started for Pawan Hans which is a profit-making organisation,” the Parliamentary Standing Committee on Transport, Tourism and Culture said in its report which was tabled in Parliament today.
The panel had earlier recommended that the Pawan Hans Limited be given Rs 600 crore as one time grant for its expansion plans.
In February, the state-run chopper operator paid Rs 5.52 crore to the government as dividend after it reported a net profit of Rs 36.08 crore for the 2015-16 fiscal year.