Government, ONGC yet again offer their entire stake for divestment in Pawan Hans

NEW DELHI: The government has yet again begun to process to divest Pawan Hans Ltd (PHL) after several unsuccessful attempts in the past. The government and Oil and Natural Gas Corporation (ONGC), which have 51% and 49% stakes in the 42-chopper PSU, respectively, have offered to sale their entire stake, according to the preliminary information memorandum issued by the department of investment and public asset management (DIPAM) on Tuesday.
“The successful bidder, as identified by government of India for the sale of its 51% stake in PHL, will also have the option to buy ONGC stake of 49% in PHL,” the PIM says.
Expressions of interest have to be submitted by January 19, 2021, and shortlisted bidders will be intimated less than a month later on February 17.