New Delhi: The government on Friday approved the highest bid of Star9 Mobility Private Limited for sale of entire GoI’s shareholding (51%) of Pawan Hans Limited (PHL) - a government-owned-helicopter service provider. PHL is a joint venture between government and Oil and Natural Gas Corporation (ONGC) providing helicopter and aero mobility services.
With the approval, transfer of management control of Pawan Hans will now be given to a private firm Star9 Mobility. Currently, government holds 51 per cent of the shares in PHL, while ONGC holds the balance 49 per cent.
Earlier, ONGC has earlier decided to offer its entire shareholding to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as that of the government.
According to the press release issued by PIB, the government's stake sale was approved by the Cabinet Committee on Economic Affairs, comprising union ministers Nitin Gadkari, Nirmala Sitharaman, and Jyotiraditya M Scindia.
"M/s Star9 Mobility Private Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC; emerged as the highest bidder quoting Rs 211.14 crore, which was above the Reserve Price," the release stated adding that other two bids were for Rs 181.05 crore and Rs 153.15 crore.
Reports suggest that the department of investment and public asset management had received financial bids for disinvestment of ailing helicopter operator in December last year.
Once done, Pawan Hans will be the second Central PSE to be privatised in 2022 after Air India.
PHL has been incurring losses in the last three years (FY-19, FY-20 and FY-21). The company has a fleet of 42 helicopters with 41 of them owned by the company.