The transfer of Pawan Hans, an organization specializing in loss-making helicopters, to Star9 Mobility Pvt Ltd should take place by June, an authority announced on Friday. Last month, the government approved the sale of its 51% stake in helicopter service provider Pawan Hans Ltd (PHL) alongside the exchange of management control for Rs 211.14 crore to Star9 Mobility Private Ltd. . PHL is a 51:49 joint venture between government and ONGC. The government had received three offers for the sale of Pawan Hans.
Refuting the allegations that Star9 Mobility did not meet the eligibility criteria, the official explained that the net worth of the consortium that bid for Pawan Hans was Rs 691 crore against the requirement of Rs 300 crore imposed by the government.
“The award letter will be released next week, after which the buyer will need to obtain regulatory clearance. The transfer process is expected to be completed within a month and a half,” the official said.
ONGC had previously stated that it would offer its entire stake to the successful bidder identified in the strategic divestment transaction at the same price and on the same terms decided by the government.
Star9 Mobility will also have an additional 7 days to decide whether or not to accept the offer from ONGC. It’s up to the company to decide if it wants to take up ONGC’s offer, the official added.
The official further stated that after the issuance of the allotment letter by the government to Star9 Mobility, ONGC will have 7 days to offer its shares to the company.
The reserve price for the sale of the 51% stake in PHL has been set at Rs 199.92 crore based on a valuation by the Transaction Advisor and Asset Valuer.
M/s Star9 Mobility Pvt Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC, became the highest bidder by quoting Rs 211.14 crore, this which was higher than the reserve price.
The other two offers were Rs 181.05 crore and Rs 153.15 crore.
Summary of news:
- Pawan Hans handover to Star9 Mobility expected to take place in June
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