(PTI)
The government will soon invite fresh bids for 100% stake sale in Pawan Hans by issuing an addendum to the disinvestment document as Oil and Natural Gas Corp. of India Ltd (ONGC) is ready to sell its entire stake in the company, an official said. Helicopter services provider Pawan Hans is a joint venture of the government, which holds 51% stake, and state-owned ONGC, which owns the remaining 49% shareholding. Pawans Hans has a fleet of 46 choppers.
On 13 April, the government had issued the information memorandum for the 51% strategic stake sale in Pawan Hans and had sought Expression of Interest (EoI) from interested bidders by 18 June. About half a dozen bidders are believed to have submitted bids. On 2 July, ONGC wrote to the government saying that its board has resolved that it would prefer to exit Pawan Hans simultaneously with the government. Against this backdrop, the senior government official said an addendum to the existing document would be issued soon, seeking bids for 100% stake in Pawan Hans.
