New Delhi, 29th April 2022:
The government has finalised disinvestment for state-owned helicopter service provider Pawan Hans Ltd.An empowered cabinet group picked Star9 Mobility Private Ltd as winner for buying 51% stake in Pawan Hans.The value of sale is of Rs 211.14 CR.Star9 Mobility Pvt.Ltd is a consortium of Big Charter Pvt Ltd lead by Capt Sanjay Mandaviya(26%),Maharaja Aviation Pvt.Ltd(25%)& Almas Global Opportunity Fund SPC(49%),Cayman Island based and managed by UAE’s Almas Capital.The rights will remain with the Indian partner & base will remain at Rohini Heliport,Delhi.
According to the press release issued by PIB, the government’s stake sale was approved by the Cabinet Committee on Economic Affairs, comprising union ministers Nitin Gadkari, Nirmala Sitharaman, and Jyotiraditya M Scindia.
The government had received three financial bids for its stake in Pawan Hans. The Employees’ Union of Pawan Hans, Global Vectra Helicorp and Heligo Charters were widely expected to bid for the company.Pawan Hans is expected to report a net loss of Rs 100 crore in both 2020-21 and 2021-22 after reporting a loss of Rs 28.08 crore in 2019-20 and Rs 69.2 crore in 2018-19.
The state-run helicopter operator had also reported a fall in revenue to Rs 346 crore in FY20 from Rs 381 crore in FY19, according to the information memorandum document floated by the government to invite expressions of interest to invest in the company in 2020.
