The central government on April 29 approved Star9 Mobility Private Ltd's Rs 211 crore bid for state-owned helicopter service provider Pawan Hans Ltd.
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 empowered cabinet group has finalized the disinvestment of the helicopter service provider.
The government of India holds 51 percent stake in Pawan Hans while Oil and Natural Gas Corporation owns the other 49 percent. The oil marketing company has also decided to offer its entire shareholding to the successful bidder at the same price and terms as agreed by the government
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The asset sale plan will help bridge the budget gap and meet spending targets as the economy faces fresh headwinds from geopolitical tensions.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.
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.