New Delhi: Due to the disqualification of the selected bidder, the government decided on Monday to cancel the strategic disinvestment of Pawan Hans, marking the third failed attempt to privatise the helicopter service provider.
Pawan Hans is owned by the government to the tune of 51%, with ONGC, another government-owned oil company, holding the remaining 49%. To sell Pawan Hans and ONGC's share, the government issued an EoI (expression of interest) request in December 2020.
Star9 Mobility Private Ltd, a combination of Maharaja Aviation Pvt Ltd, Big Charter Pvt Ltd, and Almas Global Opportunity Fund, was the top bidder for the sale of Pawan Hans's entire stock in April 2022.—Inputs from Agencies
