According to an official statement on Friday, the government has finalized the disinvestment for state-owned helicopter service provider Pawan Hans Ltd. An empowered cabinet group selected Star9 Mobility Pvt Ltd as the winner to buy 51% stake in Pawan Hans.
The asset sale plan will help bridge the budget gap and meet spending targets as the economy faces fresh constraints from geopolitical tensions.
The loss making Pawan Hans provides air transport services for the exploration activities of Oil and Natural Gas Corporation Limited. The federal government holds 51% stake in Pawan Hans, while ONGC holds 49%. Oil Explorer has decided to pay its entire stake to the successful bidder at the same price and terms agreed to by the government.
Following the sale of national carrier Air India Limited to Tata Sons Pvt. Last year, the government aims to privatize around five government companies this year including Bharat Petroleum Corp, Shipping Corp of India Ltd, BEML Ltd and IDBI Bank Ltd. Life Insurance Corp’s mega IPO is also around the corner. corner.