New Media (29.04.2022): Star9 Mobility Private Ltd, a consortium of Big Charter Pvt Ltd, Maharaja Aviation Pvt. Ltd, and Almas Global Opportunity Fund, is the new owner of Pawan Hans Ltd. (PHL) following the government approval on April 29 of its Rs 211 crore bid. It may be noted that the GoI’s attempt at selling off PHL, jointly owned by GoI and ONGC with their 51% and 49% shareholdings, had come to a cropper three times in the past.
“The Alternative Mechanism, empowered by the Cabinet Committee on Economic Affairs, comprising Nitin Gadkari, Union Minister for Road Transport and Highways; Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs; and Jyotiraditya M Scindia, Union Minister of Civil Aviation, has approved Star9 Mobility’s bid and transfer of management control,” an official statement said.
DIPAM Secretary Tuhin Kanta Pandey tweeted, “Government has approved the highest bid of M/s Star9 Mobility Pvt Ltd for sale of GoI stake of 51 percent in Pawan Hans Limited. The transaction now moves to the concluding stage.” The government will next issue the Letter of Award, sign the Share Purchase Agreement and close the transaction.
“ONGC has earlier decided to offer its entire shareholding (49 percent) to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as GoI,” the official statement added.
The government had received three financial bids for the purchase of its stake in Pawan Hans. The Employees’ Union of Pawan Hans, Global Vectra Helicorp, and Heligo Charters were widely expected to bid for the company.
In total, seven Expressions of Interest were received and four bidders were shortlisted as qualified bidders. After detailed due diligence, the qualified bidders were invited to submit financial bids. Three financial bids were received. The other two bids were for ₹181.05 crores and 153.15 crores.
PHL is expected to report a net loss of Rs 100 crore in both 2020-21 and 2021-22 on top of reporting a loss of Rs 28.08 crore in 2019-20 and Rs 69.2 crore in 2018-19.
PHL 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.