Post being faced with two unsuccessful attempts, the government invited fresh bids for the strategic sale of Pawan Hans, helicopter services provider along with the transfer of its management control. The Indian government holds a stake of 51 percent in Pawan Hans while Oil and Natural Gas Corp (ONGC) holds a stake of 49 percent. Earlier ONGC had also decided to put up its entire holdings in the company for sale along with government’s stake.
The Preliminary Information Memorandum (PIM) inviting Expression of Interest (EoI) from potential buyers was floated by January 19, 2021, via The Department of Investment and Public Asset Management (DIPAM).
The government had earlier made a decision to disinvest its entire stakes in Pawan Hans via strategic disinvestment along with the transfer of its management control.
“Proposal to provide the successful bidder with the right to use over Rohini Heliport (currently being used by PHL) for a period of 10 years, is under consideration. If approved, such right to use shall be available from the date of consummation of the proposed transaction,” PIM said.
The PIM, on employee-related positions, announced that the successful bidder shall ensure that the company’s any of the permanent employee is retrenched/terminated for a 1-year duration from the consummation date of the proposed transaction.
“In case of a reduction (including retrenchment/termination) of employees, the successful bidder shall, for a period of 1 year from consummation of the proposed transaction, ensure that the company offer its employees voluntary retirement,” it added.
Pawan Hans was incorporated as a public sector undertaking in October 1985 with a motive to primarily provide helicopter services to aid the exploration activities of Oil and Natural Gas Corp and to India’s northeast.
The company had an authorised capital of Rs 560 crore and a paid-up share capital of Rs 557 crore as on March 31, 2020.
Potential bidders have been requested to submit their queries on the PIM by December 22. The company’s total manpower stands at 686, with 363 regular and 323 contractual employees as recorded on July 31, 2020.