Tribune News Service
New Delhi, October 13
After setting the process rolling for the strategic sale of state-run airline, Air India, the government today made a move to sell its entire 51% stake along with management control in helicopter service operator Pawan Hans Ltd.
It came out with a notice inviting bids from private companies, including foreign ones, to buy out the government’s share.
The Miniratna PSU, which is under the administrative control of the Civil Aviation Ministry, was incorporated on October 15, 1985 as the Helicopter Corporation of India (HCI), the country’s national helicopter company with the objective of providing helicopter support services to the oil sector for its off-shore exploration operations, services in remote areas and charter services for promotion of tourism.
While initially the government owned the enterprise with 78.5% stake in government hands and 21.5% with ONGC, the latter upped its stake to 49% recently, a move that saw the equity base of PHL being enhanced to Rs 245 crore from Rs 113 crore.
The government proposes to disinvest its entire 51% shareholding in Pawan Hans Ltd along with transfer of management control
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