The government has received numerous expressions of interest (EoI) for the privatisation of helicopter service provider Pawan Hans, division of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey stated on Thursday.
“The transaction will now move to the second stage (in the two-stage process),” he stated in a tweet.
On December 8, the Centre had invited fresh EoI for its 51% stake in the firm, by enabling the possible purchaser to asset strip and alter shareholding immediately after one year of acquisition of the controlling stake.
Under the prior EoI terms, asset stripping was permitted immediately after two years even though alter in shareholding was permitted immediately after 3 years. According to the fresh terms, the purchaser can now also undertake sale and leaseback of helicopters inside one year of the disinvestment, offered the revenue so raised is utilised for small business operations.
The shortlisted bidders will be permitted to submit economic bids in the second stage. State-run oil explorer ONGC, which holds 49% stake in Pawan Hans, has also provided to sell its complete stake to the thriving bidder on just about the similar terms as the government.