in

Govt invites bids for strategic sale of Pawan Hans for 3rd time – Moneycontrol

Govt invites bids for strategic sale of Pawan Hans for 3rd time – Moneycontrol

Final Updated : Jul 11, 2019 10: 18 PM IST | Source: PTI

This is the third time in closing 16 months, the executive has sought to blueprint a buyer for Pawan Hans, which is estimated to hold posted the loss to the tune of Rs 72.42 crore in the old fiscal.

Making any other strive and exit from the chopper operations alternate, the executive on July 11 issued a new explain doc for strategic disinvestment in Pawan Hans, providing the firm to bidders having a minimal receive worth of Rs 350 crore. The chief holds 51 per cent stake in Pawan Hans, which has a rapid of 43 helicopters. The final 49 per cent is with oil and gas behemoth ONGC.

“The GOI performing has ‘in-belief’ decided to disinvestment its complete equity shareholding of 51 per cent in Pawan Hans Ltd (PHL) via strategic disinvestment to investor(s) alongside with transfer of management alter … As effectively as to the above, ONGC has also decided, that it shall promote its complete shareholding of 49 per cent in PHL, at the an identical derived mark per portion and on the an identical phrases and stipulations…” as per the Preliminary Data Memorandum (PIM).

This is the third time in closing 16 months, the executive has sought to blueprint a buyer for Pawan Hans, which is estimated to hold posted the loss to the tune of Rs 72.42 crore in the old fiscal.

The chop-off date for submission of Expression of Passion (EoI) is August 22, 2019, and intimation to the quick-listed bidder is September 12.

The chief has appointed SBICap as its handbook to picture and arrange the strategic disinvestment of PHL (“Proposed Transaction”).

In line with the 122-web page PIM, the bidder ought to accumulated hold a minimal networth of Rs 350 crore. In the earlier explain doc, this amount stood at Rs 500 crore.

In the case of consortium also, the mixed networth of the complete people of consortium ought to accumulated be Rs 350 crore, the PIM doc acknowledged.

For entities that are Air Transport Provider Operators (ATSOs) and defend as a lot as 51 per cent equity portion capital of the consortium, the networth restrict and profitability would possibly not be relevant.

First Printed on Jul 11, 2019 10: 18 pm

What do you think?

0 points
Upvote Downvote

Written by Hruday Charan

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Novak Djokovic jokes about making Rafael Nadal request at Wimbledon – Express

Novak Djokovic jokes about making Rafael Nadal request at Wimbledon – Express

Japan’s Hayabusa2 probe makes touchdown on asteroid – The Hindu

Japan’s Hayabusa2 probe makes touchdown on asteroid – The Hindu