New Delhi: The government has received a number of financial offers kept secret for sale in its shares in helicopter operators who are sick of Pawan Hans, transferring the divestment process to the last stage.
“Financial offers for Pawan Hans disinvestment have been received by the transaction advisor.
The process is now moving to the closing stage,” Secretary Dipa Tuhin Kanta Pandey Tweeted.
However, he did not reveal the number of bidders.
The government sold it all 51 per cent of shares in Pawan Hans.
State-owned oil and natural gas (ONC), which has 49 percent remaining, also offers all its share ownership in the company to be sold along with government stakes.
It was ignored in 1985, Pawan Hans had a fleet of more than 40 helicopters and more than 900 employees, less than half in a permanent role.
It provides helicopter services for ONC exploration activities and east of India.
For 2019-20 report net losses.
From RS 28 Crore, lower than Rs 69 Crore in the previous year.
As of March 31, 2020, the capital authorized reached Rs 560 Crore and the stock capital was deposited at RS 557 Crore.
In 2018, the government had invited an offer to sell his target for Pawan Hans.
However, the process was withdrawn after ONC decided to sell 49 percent of its shares in the company along with the government.
In 2019, the second attempt was carried out to sell the company but failed to receive an investor response.
Last year, the government sweetened provisions, reducing the minimum net worth of potential bidders and investment periods in and allowing a successful bidder to sell assets after one year.
Previously, sales conditions allowed a successful bidder assets two years after the acquisition.
Also, changes in share ownership among consortium partners are permitted, provided the main investor has a minimum of 26 percent of shares and other members each accommodating at least 10 percent.
The key period for investment was also reduced to one year from the previous three years.
However, a new clause of business continuity is added to ensure that successful bidders will not liquidate or close their business for three years.
The minimum bidder bidder has also been reduced to the RS 300 Crore from the previous RS 350 Crore and the profitability criteria have been abolished to increase the antidote universe.
In February this year, the government received several preliminary offers for the privatization process.
The bidder after that conducted a completion of the company and now has submitted a financial offer or price.
Disinvestment is part of the target mobilization of revenue Rs 1.75 lakh crore set by the government for fiscal year 2021-22 (April 2021 to 2022).
So far, the government has collected Rs 9,330 Crore from minority stock sales.
In October, the government sold Air India to Tata Group with the value of the RS 18,000 Crore company, the first major privatization step in about two decades.
The government will get a cash of RS 2,700 Crore from Tatas for sale 100 percent of its shares.