You are here: Home » PTI Stories » National » News
Business Standard

Pawan Hans strategic sale: Last date for submission of EoI extended to June 18

Press Trust of India  |  New Delhi 

The last date for submission of expression of interest (EoI) for strategic disinvestment of Pawan Hans has been extended to June 18, the said today.

The had on April 13 came out with a fresh information memorandum for strategic sale of helicopter service company Pawan Hans Limited (PHL), and the last date for submission of EoI was June 11.

However, in a notice today, it said, "The last date for submission of EoI for strategic disinvestment of PHL, in response to the Preliminary Information Memorandum (PIM) issued on April 14, 2018 and corrigendum to the PIM issued on May 31, 2018, has been extended up to June 18, 2018 (6:45 PM). Timelines for all other subsequent activities will change accordingly."

So far, the has received 42 queries relating to the strategic disinvestment of 51 per cent of its stake in the helicopter services provider.

Responding to the queries recently, it said non-scheduled operators can also participate in the bidding process. It said that air transport service operators would also include the non-scheduled operators which hold a valid air operator permit issued by regulatory authorities in India.

However, to several other queries, it said the details would be provided at the request for proposal stage.

ONGC is proposed to hold 49 per cent of the share post the transaction.

Asked if the minimum three-year lock-in clauses, that apply to the interested bidders, also apply to ONGC, the reply from the government was that there were no such stipulations currently. But it said that further updates, if any, may be provided at RFP stage.

Pawan Hans is a joint venture between the government and state-owned ONGC.

According to the 113-page PIM, which includes 14 annexures, the bidder should have a minimum net worth of Rs 500 crore. In the case of the consortium also, the net worth criteria would remain the same.

They should set up a special purpose vehicle and each member should have at least 20 per cent equity share capital.

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

First Published: Fri, June 08 2018. 22:05 IST