Govt invites fresh bids to sale Pawan Hans

Govt invites fresh bids to sale Pawan Hans

Agency News

New Delhi, Jul 11 : The Government on Thursday invited fresh bids for the sale of its stake in the public sector undertaking Pawan Hans Limited (PHL).

Earlier the last year as well, the Centre had attempted to offload its stake in the mini ratna but failed as only a single buyer showed its interest in it.

This time, the Government has announced to sale all its stakes of 51 per cent in the helicopter operator. The rest stakes are owned by Oil and Natural Gas Corporation (ONGC). The ONGC stakes would also be available at the same prices that are offered by the Union Government.

Accordingly, a total of combined 100 per cent stake in the PHL is now available to the bidders. The last date for submitting bids is August 22.

Only technical bids will be required in this phase following which successful bidders of the first phase would be invited on September 12.

SBI Capital Markets Limited was appointed as a deal advisor for the PHL sale. According to a notification by the Civil Aviation Ministry, the authorized capital of PHL was Rs 560 crore and the paid-up capital was Rs 557.48 crore till March 31, 2019.

The government has 2,84,316 shares while ONGC owns 2,73,166 shares. The helicopter operator has 43 choppers till April 30, 2019. The company was allocated 11 routes under UDAN scheme. Of which, it had started operations at three routes. The PHL was launched in October 1985. It is a 'Mini-Ratna 1' category company. It suffered a loss of Rs 72.42 crore in the previous financial year. In the fiscal 2017-18, it had earned a profit of Rs 20.56 crore and Rs 254.08 crore in 2016-17.