The government may take a call on the strategic sale of Pawan Hans after a clarity on the pending case against Almas Global Opportunity Fund SPC, the lead member of the winning bidder consortium, emerges later this month, an official said.
Pawan Hans is a 51:49 joint venture of the government and ONGC.
“The Almas Global case is scheduled for hearing at the NCLAT this month. We want to give the bidder due opportunity to meet the eligibility criteria before taking a final call (on whether or not to proceed with Pawan Hans handover),” an official told PTI.
The government had in April decided to sell the helicopter service provider for Rs 211.14 crore to Star9 Mobility Pvt Ltd — a consortium of Big Charter Private Ltd, Maharaja Aviation Private Ltd and Almas Global Opportunity Fund SPC.
The bid price of the consortium was above the Rs 199.92 crore reserve price fixed by the government on the basis of valuation carried out by the transaction advisor and asset valuer.
However, in May the government had to put the sale process of Pawan Hans on hold after it came to light that the lead member of the winning bidder consortium Almas Global Opportunity Fund SPC has a case pending against it at the National Company Law Tribunal (NCLT).
Almas Global has now approached the appellate tribunal NCLAT for resolution of the dispute.
“If the hearing concludes this month then we can expect a decision on Pawan Hans. If there is a next date for the NCLAT hearing, then we will have to wait for that before taking a call,” the official added.
