The federal government has prolonged the deadline for submitting preliminary gives for the acquisition of Pawan Hans by one month to February 18. The Division of Funding and Administration of Public Belongings (DIPAM) had referred to as in December gives for the strategic sale, along with the switch of administration management, of the helicopter service. provider Pawan Hans. The bid submission date was January 19.
The deadline was prolonged till February 18 in view of the “present Covid-19 scenario and the resultant logistical challenges confronted by bidders,” DIPAM stated in a discover.
The federal government owns a 51 % stake in Pawan Hans, whereas Oil and Pure Fuel Corp (ONGC) owns the remaining 49 %. ONGC has determined to promote its whole fairness stake within the firm together with the federal government’s stake.
Pawan Hans was integrated in October 1985 as a public sector firm to primarily present helicopter companies for the exploration actions of ONGC and Northeast India.
As of July 31, 2020, the entire workforce at Pawan Hans was 686, with 363 common workers and 323 contract workers. For 2019-20, the corporate reported a web lack of Rs 28 crore, lower than Rs 69 crore in 2018-19.
As of March 31, 2020, its approved capital was Rs 560 million and paid-up registered capital was Rs 557 million.
In 2018, the federal government had referred to as bids to promote 51% of the stake in Pawan Hans. Nevertheless, it withdrew after ONGC determined to promote its 49 % stake within the firm together with that of the federal government.
In 2019, a second try was made to promote Pawan Hans, however the sale course of obtained no response from traders.
The strategic sale of Pawan Hans is more likely to prolong into the following fiscal yr in early April. The privatization strategy of Air India, BPCL, BEML, Delivery Corp and Ferro Scrap Nigam Ltd (FSNL) is ongoing.
To date this fiscal yr, the federal government has raised web Rs 15,220 crore by means of the sale of minority stakes in CPSE and share buybacks.
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