The Alternative Mechanism, empowered by the Cabinet Committee on Economic Affairs (CCEA) has approved the highest bid of Star9 Mobility Private Limited, quoting Rs 211.14 crore, for the sale of the entire shareholding of the Government of India (GoI) – 51% of Shareholding, of Pawan Hans Limited (PHL) and transfer of management control.
This is the 2nd major privatisation in aviation after Air India and AI Express were taken over by the Tata.
- Pawan Hans Limited(PHL) is a joint venture of GoI(51%) and ONGC(Oil and Natural Gas Corporation) Limited(49%) providing helicopter and aero mobility services.
i.In October 2016, CCEA approved the strategic disinvestment of the entire GoI stake in PHL. The transaction had been attempted thrice in the past (2017, 2018 & 2019).
ii.The reserve price for the sale of 51% of PHL was fixed at Rs 199.92 crore, on the basis of a valuation carried out by experts which included a transaction adviser and asset valuer).
iii.Previously, ONGC has decided to offer its entire shareholding (49%) to the successful bidder, on the same price and terms as GoI.
GoI has aimed to raise Rs 65,000 crore from stake sales in state-run firms for the financial year 2022-23, and so far, GoI has raised Rs 3059 crore.
Star9 Mobility Private Limited, a consortium of Big Charter Private Limited, Maharaja Aviation Private Limited and Almas Global Opportunity Fund SPC.
i.The three bids were opened in the presence of the bidders and all were found to be valid.
ii.The other two bids were for Rs 181.05 crore and Rs 153.15 crore.
Recent Related News:
Tata Sons Private Ltd subsidiary Talace Pvt Ltd has won the final bid for acquiring the national carrier Air India by submitting Rs 18,000 crore bid. The Cabinet Committee on Economic Affairs (CCEA) – empowered Air India Specific Alternative Mechanism (AISAM) approved the highest price bid of Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons Pvt. Ltd.
About Pawan Hans Limited (PHL):
PHL is South Asia’s largest Helicopter Company that maintains and operates a fleet of 43 Helicopters.
The first commercial operations of Pawan Hans for ONGC commenced on 6th October 1986,
Chairman & Managing Director– Sanjeev Razdan
Headquarters- Noida, Uttar Pradesh