Govt invites bids to sell 51% stake in Pawan Hans

New Delhi: The government on Friday invited bids from private companies, including foreign ones, to buy out its entire 51% stake along with management control in helicopter service operator Pawan Hans Ltd.

The Miniratna public sector unit (PSU) is under the administrative control of the civil aviation ministry and the remaining 49% stake is held by Oil and Natural Gas Corp. Ltd (ONGC). In a “global invitation for expression of interest”, the government asked private players to submit the bids by 8 December.

“The government proposes to disinvest its entire equity shareholding of 51% in Pawan Hans Ltd by way of strategic disinvestment to investors, along with transfer of management control,” it said while inviting bids.

The department of investment and public asset management has already lined up a host of PSUs for strategic disinvestment. While expression of interest (EoI) from bidders was sought for four PSUs on Friday, the same for Pawan Hans was issued.

Of the lot in question, the government plans to sell its entire stake in Hospital Service Consultancy Corp., Engineering Projects (India) Ltd and National Projects Construction Corp. (NPCC) to a similarly-placed CPSE.

Bridge and Roof Co. will be sold to a private player. The government plans to raise Rs15,000 crore via strategic sale in the current fiscal out of its total disinvestment target of Rs72,509 crore. Besides, takeover of HPCL by ONGC in an about Rs30,000 crore deal is in progress.