Pawan Hans disinvestment process in final lap: Centre

24 Dec 2021 CW Team

The government has received financial proposals for the sale of its stake in ailing helicopter operator Pawan Hans, driving the divestment process to the final stage.

The financial tenders for Pawan Hans disinvestment have been obtained by the transaction advisor. The process now proceeds to the last stage.

The government is marketing its total 51% stake in Pawan Hans. State-owned Oil and Natural Gas Corporation (ONGC), which owns the remaining 49%, has additionally proposed its entire shareholding in the firm for sale along with the government stake.

Installed in 1985, Pawan Hans has a fleet of more than 40 helicopters and over 900 employees, less than half of them in permanent positions. It renders helicopter services for the exploration activities of ONGC and to India's northeast.

For 2019-20, the firm recorded a net loss of Rs 28 crore, less than Rs 69 crore in the last year. As of March 31, 2020, its approved capital reached Rs 560 crore and paid-up share capital touched Rs 557 crore.

In 2018, the government floated tenders to sell its share in Pawan Hans. But, the process was revoked after ONGC decided to sell its 49% stake in the firm along with the government. In 2019, a second attempt was made to sell the firm, but it failed to get an investor response.

In 2020, the government improved the terms, lowering the minimum net worth for potential bidders and the lock-in period of investment and letting the successful bidder sell assets after a year. Previously, the sale terms permitted the successful bidder assets two years after procurement.

Additionally, a shift in shareholding among consortium partners was approved, given the lead investor owns a minimum of 26% stake and other members own at least 10% each. The lock-in period for investment was additionally decreased to one year from three years previously.

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