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The civil aviation ministry will in a week forward to department of investment and public asset management the transaction advisor's report on the proposed sale of government's stake in Pawan Hans, a senior official in the ministry said today.
SBI Capital Markets is the transaction advisor in the disinvestment process of government's 51 percent stake in the helicopter services operator. Oil and Natural Gas Corp owns the rest.
The official also revealed that the finance ministry had agreed to settle a Rs. 160-crore liability of Pawan Hans.
“Because of the settlement, the government's stake in Pawan Hans will rise to 60 percent. The ministry has offered to ONGC an option to restore the equity balance to 51:49 ahead of the disinvestment,” the official said.
The official said ONGC was unlikely to be offered the right of first refusal to buy the government's stake in Pawan Hans.
“It is up to ONGC to restore its stake to 49 percent and bid for government's 51 percent stake or let it be and sit with a private company with its stake remaining at 40 percent,” the official said, adding the ministry had so far not heard from the oil and gas explorer on the matter.
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