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ONGC prefers to sell its entire 49 pc stake in Pawan Hans, says Sinha

The government is in the process of disinvesting its entire 51 percent shareholding in Pawan Hans, Minister of State for Civil Aviation Jayant Sinha said in a written reply.


PTI 01 Aug 2018, 01:56 PM India

State-owned ONGC prefers to sell its entire 49 percent stake in Pawan Hans and exit the helicopter services provider simultaneously along with the government, the Rajya Sabha was informed today.

The government is in the process of disinvesting its entire 51 percent shareholding in Pawan Hans, Minister of State for Civil Aviation Jayant Sinha said in a written reply.

SBI Capital Markets is the transaction advisor to the strategic disinvestment of Pawan Hans and the last date for submitting Expression of Interest (EoI) ended on June 18.

"ONGC vide its letter dated July 2, 2018, has conveyed that the ONGC board resolved that it would be the preferred option for ONGC to divest its entire 49 percent stake and exit simultaneously along with the Government of India," Sinha said.

Pawan Hans is a joint venture between the government and ONGC.

According to the minister, the shortlisting process of the interested bidders is underway.

Citing a guidance note on strategic disinvestment issued by the Department of Investment and Public Asset Management (DIPAM), Sinha said that the transaction advisor should strictly maintain the confidentiality of the potential bidders.

Pawan Hans is providing seven helicopters to ONGC for its off-shore helicopter requirements for a crew change and production task, including night ambulance, Sinha said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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