August 15, 2018 3:20:25 am
The Centre, which owns the profitable Pawan Hans (PHL) in a 51:49 ratio with ONGC, on Tuesday invited fresh expressions of interest (EoIs) from potential buyers for the entire 100 per cent stake in the premier helicopter service provider.
The Centre had invited EoIs twice for its 51 per cent stake in PHL — in October 2017 and April 2018 — with the second EoI eliciting a better response. However, with ONGC also deciding to sell its stake in the company as part of its strategy to exit non-core businesses, the sale of Pawan Hans has been repackaged.
The last date for submission of physical EoIs is September 12 and shortlisted bidders would be intimated on October 3. In the second stage, financial bids would be invited from shortlisted applicants.
PHL is the industry leader of helicopter operations in India with the highest number of fleet strength of 43 helicopters and availability of diverse fleet mix of light, medium and heavy helicopters to cater to different client needs. Its competitors Global Vectra Helicorp has 26 copters, Heligo Charters (8) and Himalayan Heli Services (4). PHL also maintains and operates helicopters owned by other customers such as ONGC. Global Vectra Helicorp and US-based Continental Helicopters were understood to have expressed interest in Pawan Hans in April.
Over the past years, contracts with ONGC and state governments have provided steady source of income (average 40-45 per cent revenues from the oil and gas sector and around 35-40 per cent revenues from state governments). —FE
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