Star9 Mobility Private Limited to buy 51 percent of govt share in Pawan Hans Limited

Tags: Popular Economics/Business National News

The Government has approved the highest bid of Star9 Mobility Pvt Ltd for sale of Government's entire 51 per cent stake in Pawan Hans Limited (PHL) and transfer of management control.

• PHL is a 51:49 joint venture between the government and ONGC that provides helicopter and aero mobility services.

• ONGC 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 the government.

• The reserve price for the sale of 51% stake of PHL was fixed at Rs 199.92 crore based on the valuation done by the transaction advisor and asset valuer.

• The alternative mechanism comprises Nitin Gadkari, Road Transport and Highways Minister, Nirmala Sitharaman, Finance Minister and Jyotiraditya Scindia, Civil Aviation Minister.

• Pawan Hans Limited has incurred losses in the last three financial years. The company has a fleet of 42 helicopters.