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Govt Invites Fresh Bids For Disinvestment In Pawan Hans

By Staff
|

On Tuesday, the government invited fresh bids for strategic sale of helicopter services provider Pawan Hans along with transfer of management control, after two unsuccessful attempts.

 

At present, the government owns a 51% stake in Pawan Hans, while Oil and Natural Gas Corp (ONGC) holds a 49% stake.

ONGC had earlier decided to offer its entire stake in the company for sale along with government stake.

Govt Invites Fresh Bids For Disinvestment In Pawan Hans

The Department of Investment and Public Asset Management (DIPAM) has floated the Preliminary Information Memorandum (PIM) inviting Expression of Interest (EoI) from potential buyers by 19 January 2021.

The government had earlier decided to disinvest its entire equity shareholding in Pawan Hans by way of strategic disinvestment along with transfer of management control.

The PIM said that heliport at Rohini, built on land allotted to Civil Aviation Ministry under perpetual lease granted by the Delhi Development Authority, shall not form part of the proposed transaction, and will be demerged from Pawan Hans Ltd (PHL).

"Proposal to provide the successful bidder with right to use over Rohini Heliport (currently being used by PHL) for a period of 10 years, is under consideration. If approved, such right to use shall be available from the date of consummation of the proposed transaction," the PIM said.

 

On employee related provisions, the PIM said that successful bidder shall ensure that the company shall not retrench/terminate any of the permanent employees for a period of 1 year from the date of consummation of the proposed transaction.

In case of a reduction (including retrenchment/termination) of employees, the successful bidder shall, for a period of 1 year from the consummation of the proposed transaction, ensure that the company offer its employees voluntary retirement, it added.

Read more about: pawan hans divestment
Story first published: Tuesday, December 8, 2020, 22:42 [IST]
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