Pawan Hans Disinvestment: Govt Picks Star9 Mobility As Winner For ₹211 Cr Bid
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The government has finalised disinvestment for state-owned helicopter service provider Pawan Hans Ltd, according to an official statement on Friday. An empowered cabinet group picked Star9 Mobility Private Ltd as winner for buying 51% stake in Pawan Hans.
The asset sale plan will help bridge the budget gap and meet spending targets as the economy faces fresh headwinds from the geopolitical tensions.
Loss-making Pawan Hans provides air transport services for exploration activities of Oil and Natural Gas Corporation Ltd. The federal government has 51% stake in Pawan Hans, while ONGC holds 49%. The oil explorer has decided to offer its entire shareholding to the successful bidder at the same price and terms as agreed by the government.
After the sale of national carrier Air India Ltd. to Tata Sons Pvt. last year, the government aims to privatize about five state-run companies this year, including Bharat Petroleum Corp., Shipping Corp of India Ltd., BEML Ltd. and IDBI Bank Ltd. The mega IPO of Life Insurance Corp. is also around the corner.
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