Govt calls off strategic disinvestment of Pawan Hans, scraps firm’s bid
The Centre has scrapped its proposed strategic sale in Pawan Hans after examining the response of Star9 Mobility, the winning bidder for the state-owned helicopter service provider, on an adverse order by a company court.
Star9, a consortium of three companies led by majority owner Cayman Islands’ Almas Global Opportunity Fund (AGOF), placed a winning bid of Rs. 211.14 crore for Pawan Hans in 2021.
The government put the sale on hold after the Kolkata bench of the National Company Law Tribunal (NCLT) passed an adverse order against AGOF for willful contravention of an approved resolution plan for another company, EMC Ltd, and forfeited its performance bank guarantee of Rs. 30 crore.
