Cong raises questions over Pawan Hans disinvestment

New Delhi: The Congress on Sunday raised questions over the deal to sale Centre's 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL), asking why the government did not explore merging the firm with ONGC instead of deciding to hand it over to a consortium that is just six-months-old.

The Finance Ministry on Friday said Star9 Mobility Pvt Ltd will buy the government's 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL), along with the transfer of management control, for Rs 211.14 crore.

The reserve price for the strategic sale, which comes after three unsuccessful attempts, was fixed at Rs 199.92 crore based on the valuation carried out by the transaction adviser and asset valuer. Attacking the government over the decision, Congress spokesperson Gourav Vallabh said that in the series of miscalculated and injudicious disinvestment decisions to justify their financial policies, "they are committing a series of blunders."

The reserve price for the sale of this 51 per cent majority stake was fixed at Rs 199.92 crores and the other two bidders that participated made bids of Rs 181.05 crore and Rs 153.15 crore respectively, Vallabh pointed out.

Vallabh said while this may seem like a normal disinvestment, there are several things that raise eyebrows such as the the Star9 Mobility Private Ltd, a consortium of Big Charter Private Limited, Maharaja Aviation Private Limited and Almas Global Opportunity Fund SPC, set-up just six months ago on October 29, 2021. Star9 Mobility Private Ltd doesn't have any helicopters of its own while Big Charter Private Limited has just 3 helicopters in its fleet, he said.

Also, Almas Global Opportunity Fund SPC is set up under the jurisdiction of Cayman Islands and has no correlation or experience in this sector, he said. Vallabh also claimed that there is a court case ongoing between Big Charter Private Limited, Ezen Aviation Private Limited in Delhi High Court.

He pointed out that Pawan Hans employee union expressed interest in participating in the disinvestment process and had also recommended that Pawan Hans be merged with ONGC or made a subsidiary company but the government "brushed it off."

Meanwhile, the Congress hit out at the Centre over the reported increase in the price of the 19-kg commercial LPG cylinder and demanded a rollback of the hike.

Speaking at the AICC headquarters here, Congress leader Alka Lamba alleged that the Centre is trying to divert attention from real issues and rising prices by peddling divisive rhetoric. Hitting out at BJP, Lamba said that on March 1, the price of commercial gas cylinder was hiked by Rs 105, on April 1 it was increased by Rs 250 and on May 1 it has been hiked again by Rs 102.5.

In eight months, the price of commercial LPG cylinder has increased by Rs 618.50, she added. In Delhi, the 19-kg commercial cylinder would now cost Rs 2,355.50 as compared with Rs 2,253 per cylinder, according to reports. Lamba said the poor and

the working class are being repeatedly attacked with price hikes.