The government has approved selling its 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL) along with a transfer of management control for Rs 211.14 crore to Star9 Mobility Private Ltd, the Finance Ministry said on Friday.
PHL is a 51:49 joint venture of the government and ONGC providing helicopter and aero mobility services. ONGC had earlier decided to offer its entire shareholding to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as government.
"The Alternative Mechanism, empowered by the Cabinet Committee on Economic Affairs, ... has approved the highest bid of M/s Star9 Mobility Private Ltd for sale of entire GoI’s shareholding (51% of shareholding) of Pawan Hans Limited (PHL) and transfer of management control," an official statement said.
The Reserve Price for the sale of 51 per cent shareholding of PHL was fixed at Rs 199.92 crore, on the basis of valuation carried out by the transaction adviser and asset valuer.
The government had received three bids for the Pawan Hans sale.
"M/s Star9 Mobility Private Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC; emerged as the highest bidder quoting Rs 211.14 crore, which was above the Reserve Price. The other two bids were for Rs 181.05 crore and Rs 153.15 crore. Following due deliberations, the financial bid of M/s Star9 Mobility Private Limited has been accepted by the Government," it added.
The Alternative Mechanism comprises Road Transport and Highways Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Civil Aviation Minister Jyotiraditya Scindia.