Government receives ‘multiple expressions of interest’ for Pawan Hans divestment – Times of India

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

The authorities had final December reinitiated the method to divest PHL after a number of unsuccessful makes an attempt previously.
The authorities and Oil and Natural Gas Corporation (ONGC), which have 51% and 49% stakes within the 42-chopper PSU, respectively, have supplied to sale their total stake, based on DIPAM’s preliminary data memorandum (PIM).
“The successful bidder, as identified by government of India for the sale of its 51% stake in PHL, will also have the option to buy 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 had been to be intimated lower than a month in a while February 17.
Companies 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.
Successful bidder is not going to be retrench any of everlasting worker for a 12 months from taking on. After one 12 months, they’ll provide a VRS.
While the Delhi’s Rohini isn’t half 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.