Government plans 100% stake sale in Pawan Hans

NEW DELHI: Union Minister Jayant Sinha today said the Cabinet Committee on Economic Affairs ( CCEA) has approved disinvestment of 100 per cent stake in helicopter operator Pawan Hans.

A joint venture between the central government and state-owned ONGC, Pawan Hans has a fleet of around 46 helicopters.

"CCEA has approved the recommendation for disinvestment of 100 per cent shareholding of Government of India to strategic buyer identified through two-stage auction process in the CPSEs including Pawan Hans Ltd (PHL)," said an official release quoting Sinha as having told the Lok Sabha in a written reply while responding to a question.

According to the Minister, CCEA gave 'in principle' approval for strategic disinvestment of central public sector enterprises including Pawan Hans, during its meeting held on October 27.

The approval was given based on the recommendations of the Core Group of Secretaries on Disinvestment, he added.

The government holds 51 per cent stake in Pawan Hans, which was incorporated in 1985.

It was set up with the primary objective of providing helicopter support services to the oil sector for off-shore exploration operations, services in remote and hilly areas and charter services for promotion of tourism, as per its website.