Moving ahead with the strategic sale of Pawan Hans, the government on Thursday said it will sell its entire 51 per cent stake and transfer the management control of the helicopter service operator. Pawan Hans is a joint venture where state-owned ONGC holds 49 per cent.
The government has sought applications from entities to act as transaction advisor for the proposed disinvestment of its stake in the company.
“The government of India intends to divest its entire shareholding of 51 per cent in Pawan Hans Ltd, through strategic disinvestment with the transfer of management control,” a public notice said on Thursday.
As per the notice, issued by the Department of Investment and Public Asset Management, a transaction advisor is to be roped in from “reputed professional consulting firm, investment bankers, merchant bankers, financial institutions and banks” who would provide advisory services and manage the strategic disinvestment process. The deadline for sending the applications is February 2. Set up in 1985, Pawan Hans currently has a fleet of 46 helicopters.