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Govt finalises legal advisers for Pawan Hans disinvestment

Press Trust of India  |  New Delhi 

The has finalised the and legal advisors as well as the asset valuer for the disinvestment of chopper operator Pawan Hans, the was informed today.

In October last year, the Cabinet Committee on Economic Affairs (CCEA) had given its in-principle approval to strategic disinvestment of profit-making Pawan Hans.

Minister of State for Civil Aviation Jayant Sinha said the Department of Investment and Public Asset Management (DIPAM) has finalised Caps as advisor and Crawford Bayley & Company as legal advisor for strategic disinvestment of Pawan Hans.

"The Ministry of Civil Aviation finalised engagement of RBSA Valuation Advisors as assets valuer," he said in a written reply.

According to Sinha, the CCEA approved the recommendation for disinvestment of government's 100 per cent shareholding to a strategic buyer.

A helicopter services provider, Pawan Hans is a joint venture between the and state-owned ONGC, which holds 49 per cent stake.

The company has more than 900 employees, including 450 on permanent roll. Set up in 1985, Pawan Hans has a fleet of over 40 helicopters.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 17:22 IST