(FE)
The government on Tuesday invited bids to sell 100 percent stake in Pawan Hans, ET Now reported citing Cogencis news agency. ONGC will sell it 49 percent stake in the helicopter services provider, the report also said. The Centre and ONGC own Pawan Hans (PHL) in 51:49 ratio. The bidders will be shortlisted by October 3, the report said. The last date for queries with respect to stake sale is August 22, CNBC TV18 reported. Earlier this month, the ONGC board had for the second time in a month approved sale of 49 percent stake in the government-owned company, PTI reported.
For the first time, it was on June 29 that board of ONGC had given approval to exit plan in Pawan Hans and its interest in getting clubbed with government’s 51 percent stake that is already on sale. On July 2, the ONGC had written to the government communicating the board’s decision to the Department of Disinvestment and Public Asset Management (DIPAM). The government body is currently managing the sale of government stake in Pawan Hans.
