Finance Minister Nirmala Sitharaman had announced in her budget speech this year that the privatization of 'Pawan Hans' would be completed in 2021-22. Now only 3 months are left for the current financial year to pass. In such a situation, the government is working vigorously to achieve the target of disinvestment at the earliest.
The government has received several financial bids to sell its stake in the decaying helicopter operator Pawan Hans Ltd. Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, has informed that the financial bids for the disinvestment of Pawan Hans have been received by the Transaction Advisor. The process has now reached the final stage. Although he has not revealed something yet.
Pawan Hans was established in 1985 and has a fleet of more than 40 helicopters, employs more than 900 employees of which less than half of the employees are permanent. The company provides helicopter services for ONGC's exploration activities and for the North East region of India.
The government is selling its entire 51 per cent stake in Pawan Hans. The remaining 49 per cent stake is with the Public Sector Undertaking Oil and Natural Gas Corporation (ONGC) and that too wants to sell its entire stake.
The government is selling its entire 51 per cent stake in Pawan Hans. The remaining 49 per cent stake is with the Public Sector Undertaking Oil and Natural Gas Corporation (ONGC) and that too wants to sell its entire stake.
The company had a total loss of Rs 28 crore in 2019-20 and a year ago this figure was Rs 69 crore. The government had invited tenders in 2018 to sell its stake in Pawan Hans. However, he did not name those interested in buying Pawan Hans.
The central government has set a target of raising a total of Rs 1.75 lakh crore through disinvestment during the financial year 2021-22. Finance Minister Nirmala Sitharaman had announced the disinvestment target during her budget speech in February.
The government had invited 'Expressions of Interests-EOI' for the privatization of the public sector helicopter operator company Pawan Hans, now DIPAM says that many companies have shown interest in buying Pawan Hans.