The strategic disinvestment of Pawan Hans (PHL) has entered the final phase now, the government announced on Friday.
“Financial bids for Pawan Hans disinvestment received by transaction advisor. Process now moves to concluding stage,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet. As of now, the Central Government owns 51 per cent in the company while the remaining 49 per cent is held by Oil and Natural Gas Corporation (ONGC).
PHL is under the administrative control of the Civil Aviation Ministry. It was set up on October 15, 1985 as a public sector undertaking to primarily provide helicopter services for the exploration activities of ONGC and to the North East Region of India. It is India’s leading helicopter company engaged in providing helicopter services for various purposes such as offshore operations, inter-island transportation, connecting inaccessible areas, pipeline surveillance, casualty and rescue work, charter services, VIP transportation, services under regional connectivity scheme and various other customised services.
ONGC’s shareholding
ONGC has already decided to offer its entire shareholding of 49 per cent in PHL to the successful bidder at the same discovered price per share and on same terms and conditions as agreed by the Centre, except for the rights available exclusively to the government. The successful bidder, as identified by the government, will have the option to buy the entire ONGC stake of 49 per cent in PHL on similar price and terms.
As on March 31, 2020, the company has 42 helicopters in its fleet and its employee strength stands at around 700. The company went into red in FY2018-19 and the status continued next year as well.