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Tuesday, May 11, 2021

Authorities receives ‘a number of expressions of curiosity’ for Pawan Hans divestment – Instances of India

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NEW DELHI: The federal government has lastly made some headway in its newest try to divest in chopper PSU Pawan Hans Ltd (PHL), identical to Air India.
“A number of expressions of curiosity have been obtained for privatisation of PHL. The transaction will now transfer to the second stage,” division of funding and public asset administration (DIPAM) secretary Tuhin Kanta Pandey tweeted on Thursday night.

The federal government had final December reinitiated the method to divest PHL after a number of unsuccessful makes an attempt previously.
The federal government and Oil and Pure Fuel Company (ONGC), which have 51% and 49% stakes within the 42-chopper PSU, respectively, have supplied to sale their complete stake, based on DIPAM’s preliminary data memorandum (PIM).
“The profitable bidder, as recognized by authorities of India for the sale of its 51% stake in PHL, can even have the choice to purchase ONGC stake of 49% in PHL,” the PIM says.
As per the timeline introduced final December with the PIM, expressions of curiosity needed to be submitted by January 19, 2021, and shortlisted bidders have been to be intimated lower than a month afterward February 17.
Firms bidding for PHL will need to have a minimal web price of Rs 300 crore. SBI Caps is the transaction advisor for this divestment. As on March 31, 2019, PHL has contingent liabilities associated to tax and statutory dues of Rs 577 crore.
PHL’s authorised capital as on March 31, 2020, is Rs 560 crore. This PSU present air transport providers for ONGC’s exploration actions and helicopter transportation providers within the northeast.
Profitable bidder is not going to be retrench any of everlasting worker for a yr from taking up. After one yr, they’ll provide a VRS.
Whereas the Delhi’s Rohini will not be a part of the proposed transaction and will probably be demerged from PHL, the PIM says a proposal to let the profitable bidder use it for 10 years is into account.

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