India to sell 51% stake in Pawan Hans, transfer control

NEW DELHI (INDIA): Moving ahead with the strategic sale of Pawan Hans, the government of India today said it will sell its entire 51 per cent stake and transfer the management control of the helicopter service operator.nnPawan Hans is a joint venture where state-owned ONGC holds 49 per cent.nnThe government has sought applications from entities to act as transaction advisor for the proposed disinvestment of its stake in the company.nn”The government of India intends to divest its entire shareholding of 51 per cent in Pawan Hans Ltd, through strategic disinvestment with transfer of management control,” a public notice said today.nnAs per the notice, issued by the Department of Investment and Public Asset Management, a transaction advisor is to be roped in from “reputed professional consulting firm, investment bankers, merchant bankers, financial institutions and banks” who would provide advisory services and manage the strategic disinvestment process.nnThe deadline for sending the applications is February 2.nnSet up in 1985, Pawan Hans currently has a fleet of 46 helicopters.nnIt was incorporated with the primary objective of providing helicopter support services to the oil sector for off-shore exploration operations, services in remote and hilly areas as well as for charter services.nnEarlier this month, defence equipment maker BEML said government would offload 26 per cent stake through strategic disinvestment that could fetch the exchequer Rs 1,000 crore.nnGovernment has set a disinvestment target of Rs 56,500 crore for the current financial year and so far around Rs 24,000 crore has been mopped up through share sale and buy backs.nnSource: Press Trust of India