The government on Tuesday invited bids to sell 100 percent stake in Pawan Hans. ONGC will sell it 49 percent stake in the helicopter services provider
The government on Tuesday invited bids to sell 100 percent stake in Pawan Hans, ET Now reported citing Cogencis news agency. ONGC will sell it 49 percent stake in the helicopter services provider, the report also said. The Centre and ONGC own Pawan Hans (PHL) in 51:49 ratio. The bidders will be shortlisted by October 3, the report said. The last date for queries with respect to stake sale is August 22, CNBC TV18 reported. Earlier this month, the ONGC board had for the second time in a month approved sale of 49 percent stake in the government-owned company, PTI reported.
For the first time, it was on June 29 that board of ONGC had given approval to exit plan in Pawan Hans and its interest in getting clubbed with government’s 51 percent stake that is already on sale.
On July 2, the ONGC had written to the government communicating the board’s decision to the Department of Disinvestment and Public Asset Management (DIPAM). The government body is currently managing the sale of government stake in Pawan Hans.
The oil and natural gas major was also asked to explain the terms on which sale of government stake is being done would be acceptable to it. It was on August 2 meeting that the firm endorsed such terms, PTI reported.
The offer for government’s stake sale of 51 percent in Pawan Hans was twice floated bt DIPAM in the previous 10 months.
Officials said ONGC is of the view that its investment in Pawan Hans is no longer strategic as it charter hires helicopters to ferry staff to its oil and gas locations, mostly offshore, through competitive bidding.