Govt calls off strategic sale of helicopter service provider Pawan Hans
disinvestment of helicopter service provider Pawan Hans as the winning bidder – Star9 Mobility – was disqualified due to pending legal cases against it. In April last year, the government had decided to sell Pawan Hans for Rs 211.14 crore to Star9 Mobility, a consortium of Big Charter Pvt Ltd, Maharaja Aviation Pvt Ltd and Almas Global Opportunity Fund SPC.
Pawan Hans is a joint venture between the government and ONGC, which hold 51% and 49% stakes in the company. However, the sale was put on hold in May 2022 after it emerged that the Kolkata bench of National Company Law Tribunal had issued an adverse order against Almas Global Opportunity Fund SPC, a member of the successful consortium, in another case relating to a resolution plan under the Insolvency and Bankruptcy Code.
Consequently, government did not issue the letter of intent for sale to the winning bidder. As the strategic sale of the helicopter service provider would have fetched a relatively small amount, the annulment is unlikely to derail the government’s FY24 disinvestment target of Rs 51,000 crore, said an official.
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