Having failed to privatise Pawan
Hans Limited in FY 2018-19, the NaMo Govt has diluted the terms relating to the
retrenchment of employee, sale assets and and tax-liability to lure bidders. Last fiscal none of the
prospective buyers came forward to grab the opportunity. Pawan Hans has a fleet
of 43 helicopters. The government holds 51 per cent stake in Pawan Hans (which
owns a fleet of 43 helicopters) he remaining 49 per cent is with ONGC. As per the relaxed terms of sale
the successful bidder will have to retain permanent employees for at least 12
months period as against 24 months period earlier. Further, it has assured the
buyer against the tax liability worth Rs 577 crore in case an ongoing tax
dispute turns out to be against Pawan Hans. It has further provided more freedom
to the successful bidder. The time period for stripping of assets of Pawan Hans
by the buyer has reduced to two years, from three years specified earlier.
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Govt gears up to push the sale of Pawan Hans
By IndianMandarins - 2019-07-22 11:59:51
Having failed to privatise Pawan
Hans Limited in FY 2018-19, the NaMo Govt has diluted the terms relating to the
retrenchment of employee, sale assets and and tax-liability to lure bidders.
Last fiscal none of the prospective buyers came forward to grab the opportunity. Pawan Hans has a fleet of 43 helicopters. The government holds 51 per cent stake in Pawan Hans (which owns a fleet of 43 helicopters) he remaining 49 per cent is with ONGC.
As per the relaxed terms of sale the successful bidder will have to retain permanent employees for at least 12 months period as against 24 months period earlier. Further, it has assured the buyer against the tax liability worth Rs 577 crore in case an ongoing tax dispute turns out to be against Pawan Hans. It has further provided more freedom to the successful bidder. The time period for stripping of assets of Pawan Hans by the buyer has reduced to two years, from three years specified earlier.
