Govt invites bids to sell its 51 percent stake in Pawan Hans Ltd

Cabinet committee on economic affairs had earlier approved disinvestment of the governmentís stake in Pawan Hans Ltd

GN Bureau | January 13, 2017


#PSU   #disinvestment   #Pawan Hans Ltd  
 
The department of investment and public asset management under the finance ministry has invited bids to appoint merchant bankers for selling the government’s entire 51 percent stake in Pawan Hans Helicopters Ltd—a miniratna undertaking, through strategic disinvestment.
A proposal ‘engagement of legal advisers for strategic disinvestment’ of Pawan Hans Ltd is recently uploaded by the department of investment and public asset management on its website.
 
According to reports, the cabinet committee on economic affairs had earlier approved disinvestment of the government’s stake in the state-controlled Pawan Hans Ltd. 
 
“The Government of India (GoI) has ‘in-principle’ decided to disinvestment 100 per cent of its shareholding in Pawan Hans Ltd. through strategic sale with transfer of management control”, the document states.
 
Fifty one percent equity stake in Pawan Hans is owned by the government while Oil and Natural Gas Corporation owns the remaining 49 percent.
 
The company’s authorised capital is Rs 250 crore, and paid up share capital is Rs 245.616 crore comprising of Rs 125.266 crores in the name of president of India (51%) and Rs 120.35 crore of ONGC Ltd. (49%) respectively. The company has 451 regular employees and 337 contractual staff.
 

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