India to finalise its copter service provider’s sale

India to finalise its copter service provider’s sale

Aviation















Bloomberg

India will finalise the sale of state-owned helicopter service provider Pawan Hans Ltd and has received bids from companies including JSW Steel Ltd and Jindal Steel & Power Ltd, according to people with the knowledge of the matter.

A group of officials headed by Cabinet Secretary Rajiv Gauba was expected to meet to pick the winning bid, the people said, asking not to be identified as the matter is private. A final announcement will be made after the approval by a ministerial panel which is largely procedural, they said.

The asset sale plan will help bridge the budget gap and meet spending targets as the economy faces fresh headwinds from the geopolitical tensions. The government is targeting to garner 650 billions rupees ($8.5 billion) from disinvestment, including sale of minority stake in some companies, in the year to March 2023.

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