The Central government on Tuesday launched its fourth attempt to fully privatise state-owned helicopter company, Pawan Hans India Limited.
On offer is the entire 51% stake of the Government of India in Pawan Hans, along with the transfer of management control as well as 49% of ONGC’s entire share.
The last date for submission of bids is January 5, and the date for intimation of the shortlisted bidders is set for February 17.
As per the eligibility criteria, the minimum net worth of the interested bidders should be ₹300 crore, thereby further sweetening the deal, which has already seen reduction in the amount from ₹500 crore initially to ₹350 crore in the last sell-off attempt in July 2019.
The other sore point for proposals in the earlier bid was the tax liabilities and dues of Pawan Hans coming to nearly ₹650 crore. The government has offered to indemnify the winning entity by up to 51% of dues once they are fixed by various courts where different arbitration cases are pending.
