Star9 Mobility Private Ltd to purchase Govt’s 51% risk in Pawan Hans
- The government has actually accepted offering its 51 percent risk in helicopter providers Pawan Hans
- PHL is a 51:49 joint endeavor of the govt as well as ONGC supplying helicopter as well as aero wheelchair solutions
- The Reserve Price up for sale of 51 percent shareholding of PHL was taken care of at Rs 199.92 crore
The government has actually accepted offering its 51 percent risk in helicopter providers Pawan Hans Ltd (PHL) in addition to transfer of monitoring control for Rs 211.14 crore to Star9 Mobility Private Ltd, the Finance Ministry stated on Friday.
PHL is a 51:49 joint endeavor of the government as well as ONGC supplying helicopter as well as aero wheelchair solutions. ONGC had actually previously determined to use its whole shareholding to the effective prospective buyer determined in the GoI critical disinvestment deal, on the very same rate as well as 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,” a main declaration stated.
The Reserve Price up for sale of 51 percent shareholding of PHL was taken care of at Rs 199.92 crore, on the basis of appraisal accomplished by the deal consultant as well as property valuer. The government had actually gotten 3 proposals 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 included.
The Alternative Mechanism makes up Road Transport as well as Highways Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, as well as Civil Aviation Minister Jyotiraditya Scindia.
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