Pawan Hans selloff gets a boost again – Times of India

NEW DELHI: The government has yet again started the process to divest Pawan Hans after several unsuccessful attempts in the past.
The government and ONGC, which have 51% and 49% stake in the 42-chopper PSU, respectively, have offered to sale their entire stake, according to the preliminary information memorandum issued by the department of investment and public asset management (Dipam) on Tuesday.
“The successful bidder, as identified by the government for sale of its 51% stake in Pawan Hans, will also have the option to buy ONGC stake of 49%,” the memorandum said. Expressions of interest (EoIs) have to be submitted by January 19, 2021, and shortlisted bidders will be intimated on February 17.
Companies bidding for Pawan Hans must have a net worth of at least Rs 300 crore. SBI Caps is the transaction adviser for this divestment. As on March 31, 2019, Pawan Hans has contingent liabilities related to tax and statutory dues of Rs 577 crore. Its authorised capital as on March 31, 2020, is Rs 560 crore. This PSU provides air transport services for ONGC’s exploration activities and helicopter transportation services in the northeast.
A successful bidder will not be able to retrench any permanent employee for a year from taking over. After a year, they could offer VRS.