The ministry of civil aviation is in the last stages of preparing the modalities of disinvestment of state-run helicopter operator Pawan Hans and will send its proposal for evaluation "within a week", a senior official said today. In October last year, the Cabinet Committee on Economic Affairs (CCEA) had given its in-principle approval for strategic disinvestment of profit-making Pawan Hans. The Centre holds 51 per cent stake in the chopper firm while another state-owned giant Oil and Natural Gas Corporation owns the remaining 49 per cent. "We will be sending our proposal to an Evaluation Committee, which will then forward it to the Department of Investment and Public Asset Management (DIPAM). "The Core Group of Secretaries on Disinvestment (CGD) at DIPAM will then look into our suggestions," a senior ministry official told reporters. The official added that the proposal from the ministry would be sent "within a week". A meeting was also held today at the ministry on this issue where both Minister of Civil Aviation Ashok Gajapathi Raju and Minister of State for Civil Aviation Jayant Sinha were present. The set of recommendations from the ministry will also deal with issues of landed property and assets of Pawan Hans, the official said. A section of employees of Pawan Hans recently wrote to the Prime Minister's Office and suggested that the firm be merged with ONGC or made a subsidiary company by way of increasing ONGC's stake to 51 per cent. Set up in 1985, Pawan Hans has a fleet of over 40 helicopters and nearly 900 employees, 450 of whom are on permanent rolls.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)