You are here: Home » Current Affairs » News » National
Business Standard

Pawan Hans' bidders to submit offers by March 6 for govt, ONGC's stake

The government holds 51% stake in Pawan Hans, which has a fleet of 46 choppers; remaining 49% is with state-run ONGC

Press Trust of India  |  New Delhi 

Pawan Hans
FIle photo of a Pawan Hans helicopter

Shortlisted bidders of have time till March 6 to submit their financial bids for the government and ONGC's stake in the helicopter service provider, an said.

Separately, the has worked out a reserve price for which will be submitted to the (MoCA).

The MoCA will then send the reserve price to the Evaluation Committee, which comprise and Joint Secretaries from the (DIPAM) and the administrative ministry, CMD of the CPSE.

"We have asked for submission of financial bids by March 6. After the Core Group on Disinvestment (CGD) or the Alternative Mechanism decides on the reserve price, the financial bids of shortlisted bidders would be opened," an said.

The further said that the process of sale should get over by March.

A meeting of the Alternative Mechanism on strategic disinvestment headed by and comprising Suresh Prabhu, had cleared the final share purchase agreement (SPA) and financial bids have been called for.

The government holds 51 per cent stake in Pawan Hans, which has a fleet of 46 choppers. The remaining 49 per cent is with state-run

The draft SPA and Request for Proposal (RFP) was circulated to shortlisted bidders on December 21, 2018, and a four-week time was given to them seeking comments.

In April last year, the government had issued the information memorandum for the 51 per cent strategic stake sale in Pawan Hans and had sought expression of interest (EoI) from interested bidders by June 18.

Thereafter, the board in July decided to combine its 49 per cent stake in the offer for sale by

Following this, in August the government invited fresh bids from entities, saying that along with its 51 per cent stake, the bidders will also have the option to buy ONGC's stake of 49 per cent in the company. The last date for submission of bids was September 12.

However, the total number of bidders have not made public to maintain confidentiality of the process.

First Published: Sun, March 03 2019. 11:15 IST